Now that all Canadian clubs will play each other home and away every year, why not use the old Canada Cup to honour a Canadian club "champion" using existing regular schedule games in a round robin format.
Use the 2 games against Canadian teams outside your division. Pick 2 games from the schedule against Canadian teams within your division (suggest mid-week or early season games to give these games more meaning).
We'd end up with 12 games in everyone's schedule that would count towards the Canada Cup standings. Team with most poinst wins. Tie-breaker head to head record (some others likley needed).
Gives more meaning to a chunk of games. Gives lower rung teams something to shoot for beyond the overall standings. For the business types, something new to promote and sell sponsorships.
The players wouldn't care about it. The "title" itself will be meaningless. I hear plenty about how many Europeans believe that when it comes to hockey greatness winning a Gold Medal at the olympics is more important than winning the Stanley Cup... well if that's how they feel about the Stanley Cup, imagine what they're going to think about this "Canada Cup". Not that I blame them or anything... but why would a guy from the Czech Republic care about the Canada Cup?
If this idea were to be takent seriously, I'd like to see it done during the summer as a sort of shinny tournament and restrict it to people born in Canada.
The teams could be Eastern Canada, Quebec, Ontario and Western Canada. Make it a fundraising event where MasterCard and other big companies are the sponsors and any profits made go to charity.
AHL players could participate as well because I'm sure it would be difficult to fill out the rosters 100% with NHL players as some players won't want to participate after a long playoff run.
Again, it's just glorified shinny with nothing but bragging rights on the line, and at the end of the day the charities and fans are the winners.