Since the NHL is still on lockout for a long time, this will be a great opportunity for Vince McMahon or anyone if they have any interest in it. Of course you know about the XFL, it failed because the NFL was not on a lockout at that time. The USFL started and took advantage when the NFL had a work stoppage or players' strike in the 1980s. What I meant is to start a competing pro hockey league and put the teams in cities/towns that don't have an NHL franchise and maybe in the next 5-10 years there can be a merger like NHL/WHA, NFL/AFL, and NBA/ABA.
Here are the list of potential cities for the new league Houston Cleveland Atlanta Brooklyn Milwaukee Cincinnati San Diego Sacramento Oakland San Antonio Austin Oklahoma City Seattle Portland Kansas City Orlando Jacksonville Louisville Hartford New Orleans Las Vegas
How about some Canadian teams? it is hockey after all. Hamilton London Windsor Quebec Saskatoon Regina