I agree with cuts if cuts must be--I still say relocation is better, just look at how the Thrashers-turned-Jets 2.0 has been both a financial and fan base plus for the league--but to 20 teams?
That's absurd.
My Ducks and the Blues (been in the league since the 1960s, they deserve to stay), Sharks (perennial contenders and holding the Northern California/Nothwest area) and Devils (multi-Cup winners with a proud legacy built up now) are all worth keeping.
Nix the Coyotes, Blue Jackets, and Panthers, or move them to Quebec/Seattle/etc.
The Lightning I'm on the fence about--in the case of the former, they have won a Cup and are a playoff team, so perhaps without the Panthers soaking up fans and seats they'll be fine as the sole Florida team.
The Predators have been getting better, but I wouldn't shed any tears if they were cut.
The Hurricanes...eh, keep or relocate them, I'm fine either way.
The Islanders--THEY can stay, they have a great history, they just have a terrible team right now and a dump of an arena, New York-based teams WILL make money, they just have to be good, give the Isles time to be good and they'll be fine, it's not like Phoenix where that team will NEVER succeed because it was a relocation mistake Day 1.
So.
The Coyotes, Panthers, Hurricanes, Predators--I can see cutting/moving them.
The Ducks, Blues, Sharks and Devils--they deserve better, they should stay.
The Lightning and Hurricanes--I can go either way.