The NHL and the players' union are working on a 24-team playoff setup based on conference standings, sources told Sportsnet's Elliotte Friedman.

Friedman noted that nothing is set in stone and that both teams and players must still approve it. He added that discussions on the proposal could happen as early as Thursday.

Friedman admitted he's not certain of every detail, but said he has an idea of how it would work: The top four seeds (based on points percentage) in each conference would receive byes through the play-in but participate in a three-game tournament to serve as a tune-up.