I'd like to see the NHL toss out this whole "Conference" stuff and go to a strict divisional set-up.
8 teams per division (well one division will have 7)
Top 3 teams in each division automatically get in and are seeded 1-3.
Teams 4 and 5 face in each division face each other in a 1-game winner-take-all game. NHL could make an event out of it and have all 4 play-in games on the same Saturday or Sunday.
But to not devalue the regular season, the play-in game between teams 4 and 5 only occurs if the points spread between 4 and 5 is five points or less. Anything above that and the 4th seed automatically gets in.
The division winner gets the winner of the play-in game.
2nd round is strictly within the division to determine a division champion.
Once the 3rd rd. begins, all four teams are reseeded 1-4, 1 plays 4, 2 plays 3. Which division at this point matters not. Perhaps then we can avoid having Conference Finals that are more entertaining than the Cup Finals (see. 2014 LA vs. Chicago, which was the pseudo-cup final that year). The goal here is to make the Cup final a competition of the the two best teams as often as possible. The cup final should be the marquee event here, not the 3rd round.
Me personally, I find the Stanley Cup playoffs under the current format the 1st and 3rd rds. are great, the 2nd and 4th are let-downs. This format should alleviate that with the 2nd rd. determining a division champion, and the cup final featuring more evenly matched teams more often.