Open it up to 16 teams in 4 groups based on rankings on 01 Dec prior to tourney (but countries set the year prior...so 16 seed could be ranked 18th by IIHF list).
Group A: 1, 5, 9, 13
Group B: 2, 6, 10, 14
Group C: 3, 7, 11, 15
Group D: 4, 8, 12, 16
Three round robin games within each Group. At the end of the prelims, playoff games seed as follows: (1) B1 vs C2, (2) A1 vs D2, (3) C1 vs B2, (4) D1 vs A2. Round 2: (5) W1 vs W3 and (6) W2 vs W4 with loser bracket (7) L1 vs L3 and (8) L2 vs L4. Gold game would be (18) W5 vs W6 and Bronze (17) L5 vs L6.
Similar playoff for 3rd and 4th in each group: (9) B3 vs C4, (10) A3 vs D4, (11) C3 vs B4, (12) D3 vs A4. Round 2: (13) W9 vs W11 and (14) W10 vs W12 with loser bracket (15) L9 vs L11 and (16) L10 vs L12. But with the losers of (15) and (16) being relegated. Round 1 would be games 9, 10, 11, 12, round 2 would be games 13-16.
Current ranking would have Canada playing Germany, Slovakia, and Kazakhstan, Finland would have Czechia, Latvia and Belarus, Russia would be grouped with Sweden, Norway and France, while the USA would face Switzerland, Denmark and Great Britain. Some blowouts likely, but each group has one decent tune-up for the top seed. The playoff round would likely end up Finland/Sweden, Canada/Swiss, Russia/Czechia and USA/Germany...top seed gets the "easiest" game. And round 2 is almost guaranteed to have some good games. By seeding, round 2 would be CAN/USA and FIN/RUS, with FIN/CAN for gold. Also by seeding, France and GB drop out, with Italy and Austria getting promoted.
Every team gets at least 5 games with at least 3 being "appropriate level" and with the medal round teams getting a 6th.
Obviously, I am in favor of more teams being involved. The exposure is huge for those countries. And the blowouts may hurt at the time, but they turn into fuel for the players and the countries to improve. And the more the game improves in countries outside the current powerhouses, the more chance we have for players like Draisaitl, Kopitar, and others to get exposed to the game and development programs that can actually help them. More better players is good for everyone involved in hockey. Except those trogs that want to keep it isolated so they have less real competition.
Current rankings:
1. Canada
2. Finland
3. Russia
4. United States
5. Germany
6. Czechia
7. Sweden
8. Switzerland
9. Slovakia
10. Latvia
11. Norway
12. Denmark
13. Kazakhstan
14. Belarus
15. France
16. Great Britain