The top 4 teams from each division get into the playoffs. From there they seed these 4 teams and they play 1v4 and 2v3. The winner of these games go on to face each other for the division title. From here the 4 remaining division champs will be reseeded again and they play again until we get a Stanley cup champion. Theoretically we could have 2 "eastern" teams or 2 "western" teams playing against each other for the cup Ex. Edmonton vs Colorado or Boston vs New York. Also keep in mind that there is a cross over system like what the AHL or the CFL has. Look at the past AHL playoffs for an example of how it works.
It's actually 3 teams from each division and then two wildcard teams. And I thought they didn't go through with the "re-seeding" playoffs. I believe conference play is still in effect.
The seeding of the wild-card teams within each divisional playoff will be determined on the basis of regular-season points. The division winner with the most points in the conference will be matched against the wild-card team with the fewest points; the division winner with the second-most points in the conference will play the wild-card team with the second fewest points.
The teams finishing second and third in each division will play in the first round of the playoffs. The winners of each series will play for berths in the conference championship series.
The winners of the conference championships advance to the Stanley Cup Final.