There are too many teams. That's the number 1 issue. The talent pool is too diluted for the number of teams out there. Cut back 6-8 teams, and the league will be better for it. I know this is drastic, but for a professional league with minimal TV $$$$$$, this is needed to survive and thrive.
Then cut the playoff system to 12 teams. Use a best of 3 or best of 5 to get to 8 teams, and go from there. In a league where everyone makes the playoffs, except the Rangers, you're killing yourselves by having a meaningless regular season.