My idea:
Scandinavian Division
Färjestad /SWE
Djurgården /SWE
MoDo /SWE
Västra Frölunda /SWE
MIF Redhawks /SWE
Lillehammar /NOR
Espoo Blues /FIN
Turku /FIN
Helsinki /FIN
Eastern Division
Sparta Prag /CZE
Omsk /RUS
Moscow D /RUS
some other czech, russian, slovakian and perhaps baltic teams
Central Division
Berlin Capitals /GER
Kölner Haie /GER
München Barons /GER
some other swiss, austrian and perhaps benelux teams
Western Division
Manchester Phoenix /UK
some other british, french, swiss and perhaps a spanish team?
This is of course a bit unrealistic since europeans dont support a pro organisation like the northamericans do (Wimbledon FC for instance), also there is a serious cashflow difference between the NHL and european teams in general. But what if?