Lemmy Lemmy:
I don't know exactly how things would shake down. It could be that the teams are owned by the NHLPA and players (current and retired) share revenues through some sort of stock system. The day to day management of each team could be done by independent teams of managers in some competition with one another based on performance bonuses. It wouldn't be any more collusive than the NFL's or Major League Baseball's individual private owners have proven to be over those leagues' histories.
And, you have just created the reverse of the current situation, thereby solving nothing.
It would take competent managers a second or two to figure out that the league collapses without them. A couple more to organize into collective bargaining.
The only solution is impossible, as it would require fundamental changes to human nature. Removal of greed.