Don Fehr introducing a luxury tax would make him a god amongst players and fans, to me it'd be well worth it!
LT is so much better than the stupid cap. In the end the NHL might not even have a choice if they continue to throw the PA under the bus, they are going to decertify or pursh hard for a luxury tax.
It seems like a luxury tax could be the best way to address the disparity between markets, which is a fundamental problem to this league structure due to expansion. A team in Nashville will never pull in as much money as the Leafs. At least that way a successful franchise can decide to go over the cap and share revenue, rather than it being forced upon them.
It also rewards successful owners like Ilitch for running a succesful franchise.
I don't know all the ins and outs of how it would work, but it seems like it makes way too much sense for the NHL to ever use it. Instead their plan is apparently to reduce player costs until even the most inept owner or team in a terrible hockey market can turn a profit.