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Originally Posted by PepsiFree
What you described in your second paragraph is the World Cup. You just named literally all of the things they announced plans for when they announced the 2016 World Cup. They said they wanted to start with an exciting tournament to get it off the ground and transition to a more traditional tournament for 2020 and beyond (including only national teams, having it every four years, and alternating between NA and Europe. I don't know where you got the random years thing, it was always intended to be every 4 years.
In addition, let's see just how full of prestige the Olympic hockey tournament is without NHL players. It now ranks a little lower than WJC as far as prestige goes.
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The tourament has so far been held in 1996, 2004, and 2016. While the NHL has said they will have another World Cup in 2020 with European qualifying I won't hold my breath until it is made official.