If fighting remains in the league, it should be an automatic suspension. The instigator of the fight probably gets an extra game. The sport is too lenient on acts that would otherwise be considered assault in any other context.
I don't have time for the "but muh teammates" argument: the only reason that culture exists is because DoPS and the reffing are both abhorrently broken. If the system can operate as intended - not how the refs see fit - dirty hits or other plays that would otherwise generate a "deserved" fight are automatic misconducts, fines, and suspensions. How games are managed have perpetuated this "need" for fighting when in reality, it's probably the part of the game most easily removed (offsides a close second). The fact that a "code" exists is proof that the game is fundamentally broken. Fix the sport. The fans and star players deserve better.
I watch hockey for the top talent: any moves that trend in the direction of increasing the value of skill in the sport and diminishing the affect/value of the typical 3rd/4th line forward is fine by me. I don't pay what I do to go to a hockey game to watch a fight. I won't deny they're exciting, but the research behind concussions features too much merit in favour of banning fighting and the opportunity to deliver more on the skill aspect of the sport is more exciting to me. I'd very much prefer to watch an 8-7, back-and-forth nailbiter that isn't resolved until the back minute because the top guns on both teams are impeded and firing on all cylinders.
Canadian major junior took this approach and there hasn't been a decrease in the quality of the on-ice product. International hockey - specifically the World Juniors - hasn't allowed fighting since Jesus himself walked Nazareth and it's considered en-masse to be some of the best hockey money can buy. The sport doesn't need it: we're allowing archaic practices, people, and opinions to dictate against the best move for the league as a whole. A lot more people would take hockey seriously if the players weren't literally trying to beat the piss out of each other.
Quoting: Beetlejuice
media attention
One of the recent episodes of the Steve Dangle Podcast had a very good opinion on this, the "yeah, but look how many people watched" take. These are empty views and aren't bringing in return views. They're 'likes', not 'loves'. These antics don't make fans out of anyone but genuine sociopaths. The league markets around its stars (poorly, albeit) and we routinely see the playoffs and olympics having the highest draws in audiences. Best-on-best. Skill. The speed, general physicality of the sport, the hits, and highlight-reel plays draw in more fans every time over a fight.
Broken down in a simple thought experiment, would you rather watch the Devils-Sabres on a tuesday evening knowing that there'll be 10 fights throughout the game or do you want to watch an Avalanche-Knights game where MacKinnon and Stone are both riding hot streaks? Biases about any of the teams aside, I'm more likely going to watch the Colorado/Vegas game because it's going to be better hockey and I might see something dazzling. Do you want to watch McDavid highlights or do you want to see Michael Haley get into a hugging match with an AHL call-up?