The NHL (+partners) has to figure out what it wants from this tournament.
It started out (as the Canada Cup) as a logical evolution of the Summit Series and functioned as a good alternative to the European-centred World Championships. But the game has evolved a lot internationally since then and this tournament needs to evolve with it. Particularly with the demise of the Olympics as hockey's premiere best-on-best showcase.
Does it remain an NHL-centric "invitational" tournament or do they try to rework this as a real "World" Cup? If so, it needs some sort of ranking/qualification, probably rotating host cities/countries (or do away with a main host altogether and go with a system like Euro 2020), and definitely some consistency - hosting this thing every few undefined years, each time with a slightly different format doesn't help build tradition or legitimacy.
While not perfect, the 96 edition was still the best (in terms of format) in my eyes: A European group stage including games over there, knockout-stage games spread across North America, and a best of three final with games in both Philly and Montreal. The 2016 version with the two joker teams and all the games played in Toronto seemed pretty bush-league in comparison.