Besides Canada, the U.S., Russia, Sweden, the Czech Republic and Finland, the league and union will announce a European All-Star team will participate. That team will be stocked with players who come from countries other than those participating as nations.
Also, the tournament will feature a team with North American players under the age of 23.
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The tournament will also feature a best-of-three final, which will help to drive up the broadcast and sponsor rights for the tournament both in North America and Europe.
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The National Hockey League and its players association have told team executives they hope to generate between $75 million and $100 million from the rekindled World Cup of Hockey.
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However, it's expected that the NHL and the Players' Association will have to pay Maple Leaf Sports & Entertainment at least $5 million for hosting the three-week tournament.
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Still, Walsh and other agents said there could be a great payoff for the league from marketing a team built around young stars like Nathan McKinnon, Connor McDavid and Jonathan Drouin.
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Walsh said that while some fans have called for the NHL and NHLPA to include teams from Slovakia or Slovenia, that might not be practical, since the tournament is run by the league and its players association - both of which want to use the event to build the profile of their own players, not those playing in leagues overseas.