I think there's a way to do the preliminary round so that we avoid having whole days of blowouts while still preserving a chance for the "aspirational" teams to compete with the best.
Have teams play those that are of similar rank, and move up and down the ranking each night depending on who you win or lose to. I tried to develop a simulation and I never did settle on a ranking system I preferred, but the matchmaking rule is pretty simple. Starting from the top of the ranking, teams play the next available team that they haven't played yet. You can also modify it so that you don't get stuck with rematches at the bottom, like I did here.
In this simulation Germany actually does end up getting to play Canada because Germany moved up the ranking and Canada down. But in some years Germany just won't be good enough to earn matchups with top 5 clubs. The Swiss didn't have a very good year in my simulation, they weren't super competitive, so they got stuck playing teams on their level. As you can see, the number of highly competitive games goes up dramatically, and there is still a chance for everyone to go all the way.
| CAN | RUS | FIN | SWE | CZE | USA | GER | SUI | SVK | LAT | NOR | DEN |
g1 | Rus - L | Can - W | Swe - L | Fin - W | USA - L | Cze - W | Sui - W | Ger - L | Lat - W | Svk - L | Den - L | Nor - W |
g2 | Fin - W | Swe - L | Can - L | Rus - W | Svk - W | Ger - W | USA - L | Den - W | Cze - L | Nor - W | Lat - L | Sui - L |
g3 | Swe - L | USA - L | Cze - W | Can - W | Fin - L | Rus - W | Svk - W | Lat - L | Ger - L | Sui - W | Den - L | Nor - W |
g4 | Ger - W | Fin - W | Rus - L | USA - W | Lat - W | Swe - L | Can - L | Nor - W | Den - W | Cze - L | Sui - L | Svk - L |
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Fans that hate blowouts and fans of aspirational clubs can tell me if this helps with some of their concerns.