There's nothing wrong with the NHL. Which has long been the problem. Since I've been watching, late 80s to current, every year it's "how to fix the NHL" and constant changes, most unnecessary or gimmicky, over-expansion (in my opinion) which generally make the sport and league worse, but overall I'd just prefer they stop trying to "fix" things and let it be since it's decent enough, as is. Not going to go backwards (make it better) and any future changes are almost guaranteed to make things worse so ... let it be.
I do always think about how the 1992-93 season was the best in my lifetime and arguably the best in NHL history, and it was the ONLY season as a 24-team league, four divisions of six, etc. Perfect amount of teams. Playoff format made sense. Conferences made sense. Divisions and division names made sense (though hypothetically would move Jets to Norris and TB would have been Colorado and in the Smythe in an alternate universe), rules made sense. If there was a point in my lifetime where I could have just paused the league and league structure/format, it would have been then. Twas perfect.
Even the following season, despite unnecessary expansion to a 26-team league, was great. NHL/hockey had all the momentum, so naturally was time for a lockout ...