They need to be protected from themselves.
Well, yes, but it seems like an obvious notion to me that you write a CBA with the understanding that during CBA negotiations the owners are on the same team. Once the deal is in place, however, the owners immediately are competing with one another and will (and should) do whatever they can to generate fan interest in their team. (Which either means winning or creating McHype...but that's another story)...grin.
The tough thing is that we have almost half the owners not wanting revenue sharing...the rest want it, so there is a fight there. So right now the owners are not even on the same team. And even if they could agree 100% they still don't get what they want in terms of structure because they have to get the NHLPA to sign off on it.
I am thinking that a luxury tax is the way to go where teams can pay over the cap but if they do, then they have agreed to be the team sharing their revenue. This seems like the best way to target the teams that refuse to operate with restraint.
Of course any system can be circumvented--these guys are successful business people for a reason...they figure out ways to get things done. But my God, it took me like 30 seconds after understanding the last CBA to say "Well shit, just sign a guy under 35 and front-load a contract and run it past retirement age." And I am no sharp business man either!