That is a intresting idea, but on thing players fought for and the NHL freely gave them was guarenteed contracts. You get paid no matter what. Players would fight for this not to go through.
But i agree with the other poster, the GMs try to sign players to these contracts and the owners agree to pay it, hold them to it. Look at Loungo, bet Vancouver is kicking themselves for that one. Now they are stuck unless they can somehow trade him, whick i think any team that picks up his contract combined with how bad he plays would be stupid.