Personally I don't see anything wrong with letting the 9th and 10th teams duke it out over 3 games for the right to play the first place team in their conference which gets a bye. And I'd also like to see it go back to the old format, the fact that the rangers are 4th in the league but a wild card for the playoffs makes no sense
It would take away the sting of trying to make the playoffs only to fall just short and not even get a good pick, you'd know you get to watch your team for at least 2 more games of "playoff hockey" with the chance to play at least 4 against the best team in your conference.
This also would require the game to improve on other ways though, as I feel it's become less interesting as a general product
Potential benefits:
Additional revenue for owners is good for everyone in the long run
Makes placing first in your conference about more than just home through the the first 3 rounds guaranteed, your players get a rest after a successful season and since the playoffs are a war of attrition in many ways this can greatly benefit your team
Creates more room for drama and upsets which attracts casual fan interests
Media can market the extra games
Maybe it's just me, but I like things like this far more than a team in Las Vegas, slowing the game down with the review, and slowly eliminating fighting while doing little about chippy play that actually causes injuries and headshots on stars