If you want to have a 8-nation invitational World Cup then the top-6 are obvious, plus Germany and Switzerland. But the qualitative difference between Slovakia and GER/CHE is almost negligible, so it'd be wrong to auto-exclude them.
In an ideal world, there would be annual best-on-best Skoda Cups with 12 or 16 teams every non-Olympic year. The Olympics should be 16 teams, single elimination format (round of 16 -> round of 8 -> round of 4 -> Finals); the tournament too compressed as is.
To make group stages more meaningful, have the #1 auto-advance, then have the #2 teams play a pre-quarterfinal vs the #3 teams. Best-ranked #2 gets to choose their opponent among the 3's, then the 2nd best, and so on. Maybe give the additional advantage to the #2 teams that these matches have no overtime, and a tie game is a victory to the higher seeded team.
Having a 12 or 16 team format would go a good ways towards developing hockey in current tier-2/3 countries, all of which are at least good enough to avoid double-digit blowouts against even the best opposition.
The biggest obstacle is of course the NHL, along with their unnecessarily long 82-game regular season and best-of-7 (instead of b/o-5) playoffs. (To say nothing of the NHL regular season being meaningless, and the playoff format being terrible... different topic).
Team Quebec is obvious but for whatever reason people can't accept a simple idea.
I'd love to see a Quebec team in international tournaments. Scotland and Wales already do it in rugby (interestingly, North Ireland and the Republic of Ireland have a united national rugby team), and Scotland, Wales, and N. Ireland compete independently in soccer, so it's not as if there isn't precedent. A 3rd North American team would also be nice, and perhaps make North Americans less indifferent to international competition. And Canada has plenty depth to replace Quebecois players and still easily be the #1 contender. Despite some objections, it'd still be a very competitive roster, and the top-6 would become a top-7.
just use IIHF rankings, anything else would be unfair.
IIHF rankings are useless.