The shootout always has been and always will be a side show and a horrible way to end a hockey game.
What makes hockey great and puts it on it's own plateau is that it is the ultimate team sport and the shootout destroys that. I have seen some 3 on 3 Overtime play a couple of times this year and in both cases it was incredible to watch, and much more exciting than the shootout. If time is a factor then skip the 4 on 4 process and go right to 3 on 3, at least that way it is still being settled in a team manner. Play 10 minutes of 3 on 3 which will make it very, very hard pressed for any game to remain tied as this presents many odd man rushes and great scoring chances. If somehow. someway a game is still tied then go to the side show I guess, but it should not be needed as keeping pucks out 3 on 3 is an impossibility for any length of time.
For penalties, so they do not flat out decide the game, instead of taking a man away and making it 3 on 2. which is pretty much an automatic goal you simply let the team on the powerplay ice another man and you blow the play dead when the 2 minutes has been served no matter where the puck is. You can then redrop the puck at centre ice and resume 3 on 3. They already keep a separate time for penalties so if a puck is crossing the line as the penalty ends they can use that time to determine if the penalty expired first or not.
Anyone else like this idea?