It wouldn't work at all. The owners really only had the presentation in their Board of Governors for a "Hey we're still special" vibe, because quite honestly the U.S. fan in general really couldn't care less.

The main reason it wouldn't work is the fact that the owners wouldn't be able to divide the money properly. Can you imagine the owners of the Detroit Red Wings, Toronto Maple Leafs, Colorado Avalanche or New York Rangers taking only $117 million each for those clubs when they are worth much more? Not likely. There a good article in the Toronto Sun that explains it better than I did here if you want to read up on it.