For me, no conference system, simply play the other 11 2 x home, 2 x away, total 44 games in regular season
Change the Play-Off format to go back the old 2 groups of 4 teams, top 2 from each group go on to NIC
I like Finny's idea of an EIHL plate for the the other 4 teams, and that would mean all 12 teams have a further 6 guaranteed games to bring it to 50 games in total (and as a bonus we don't need the 3rd and 4th Play-Off game!)
Which leaves LESS games than currently, so keep a modified Challenge Cup, complete before the league starts, allowing a weekend for semis and final early in the season, 2 groups of 6, maybe based on geographical groupings to reduce costs, gives another 10 guaranteed games for a total of at least 60 for all 12 teams, more for the teams that progress in Challenge Cup and Play-Offs
Which matches the current 52 league + 8 Challenge Cup first round!