Rene Fasel, president of the International Ice Hockey Federation, unveiled the plan during a meeting with European national federation representatives Friday.
"This is a vision that we have had for quite some time," said Fasel. "There are still details to be ironed out but we are sure that we have a financial and sportive foundation that will imply a new era for European club hockey and club hockey worldwide."
A prize pool of C$15 million would go to teams that make the final bracket and a bonus of C$929,300 would be paid the European winner.
Fasel said he's held discussions with the NHL and the two parties have "agreed on a mutual aim to stage a showdown between the best team(s) from the Champions Hockey League and an NHL challenger to annually play for a world trophy in late September."