There should be no draft, ELCs and RFAs at all. That would be real sports. Of course that sounds terrible to NA sport fans, who've got used to artificially balanced teams where any team can win any game. Talking about rebuilding teams is funny too.
In sports teams usually try to be successful, but in NHL teams can be happy with being bad, because that way they get better drafting positions, and they claim that they're just "rebuilding". That's just an excuse for being a bad team. How long Edmonton is going to "rebuild"? It's no wonder no UFA wants to go to Edmonton because they're just continously "rebuilding" with bunch of kids.
It's true that the ultimate business machine of NHL has been built around these rules, so removing them would decrease the revenues and possibly eliminate some franchises. In sports, however, it's very uncommon that teams are balanced so that every team is supposed to be equal. That basically happens only in NA sports.
Removing draft and all related restrictions would allow players making contracts freely. Not all top players would be stacked in same team. Top players want top role and top minutes, and there's limited amount of those roles available in one team.
It would be easier for Edmonton to get top players if it would not be a pathetic rebuild team. Young players could also select Edmonton because the primary target for young players is to get to play in NHL and show you're worth it. You can't prove your worthiness for bigger salary and role if you're grinding 4th line minutes in some stacked team.
Of course we know NHL will be NHL also in the future, so there's no point in even suggesting anything like that to Bettman. Still I'm sure many Europeans at least would like to see "NHL of the free world": real underdogs, stacked teams falling from year to year and so on.