I don't understand why fans want players who don't actively want to be with their team. One of reasons why NHL franchises are homogeneous and have no individual flair/team culture is because very few players have organic affinity for their organization.
Make free agency more open. Scrap the draft. Reform the salary cap.
We should have a more European style system where players go where they want, and teams have the flexibility to pursue the blueprint they want.
How cool would it be for Montreal, Toronto, Edmonton, Boston, and the Rangers to be filled with hometown boys? Wouldn't it be a great story for the Panthers and Lightning to hold onto the longshot guys who turned cesspool franchises into top class? Why shouldn't Vegas and Carolina be allowed to take a cold, transactional, mercenary approach?
The only teams that should be afraid are the ones who have absolutely nothing to offer players--in which case, they should either figure it out or fold.
I think that would be cool, but realistically only for desirable franchises. Whether that is geographical, marketability, etc. is up to each individual.
It’s a majorly fun idea, but would hurt the business of hockey entertainment.
Another option/ addition to your idea is the inclusion of a relegation system within the leagues.
NHL A
NHL B
AHL/ NHL C
3 separate championships where players and teams can move up or down based on performance.
A new take on this:
NHL A&B teams play each other. B league teams who beat A league teams would get 3 points for a win.
Teams initially ranking is based off of previous regular season and playoff performance. Throughout the year, a team can get relegated or promoted to A or B.
NHL A teams who beat B League get 1.5 points.
(2 points for beating a team in the same skill rating)
2 separate playoffs in which each league has a trophy.
Playoffs A is first, and teams who lose the 1st round get to compete for league B trophy.
After the season, you could have trophies like “biggest improvement”, and other similar ones.
I know this is super far fetched, but it could generate some interest and meaning to all games played.