WHA originally came back with the plan that they'd be operating this season, but that owner sucked shit. A new owner is in, and they plan on starting in the 2005/06 season. Before that, they have Phil Esposito (sp?) running a tournament similar to the World Cup. Each player will receive $20,000 with the winning team splitting $2-million.
Only problem IMO is that games will be held in two cities, so there will be no "home" team. Old WHA jerseys will be worn. Rule changes galore, including an all new point system, which could mean 60 minutes of hockey.
http://www.worldhockeyassociation.net/news/20050304000.php
http://www.worldhockeyassociation.net/news/20050306000.php