Team North America is comprised of the 23 best 23-and-under players from North America. Team Europe is comprised of the 23 best players from countries outside the big four (Sweden, Finland, Russia, Czech Republic) in Europe, including Slovakia, Slovenia, Switzerland and Germany among others.
Gretzky said he has mixed emotions about the amalgamated teams because he knows hockey players like himself love to play for their country, to represent their people by proudly wearing the sweater, as he did for Canada so often.
"I just wonder if there was a 19-year-old that's good enough to play for his particular country should he not have that option?" Gretzky said. "You want to play for your country, you know."
However, he was quick to say and stress he sees the value in having North America and Europe filling out the eight-team tournament because it gives the NHL the opportunity to showcase more of its top players, including Slovenian-born center Anze Kopitar of the Los Angeles Kings.
"I'm excited for a guy like Kopitar, who gets to participate when he might not have had that opportunity in an event of this magnitude," Gretzky said. "So I think from that point of view it's a chance to show off our great players and show people how good they really are."
As for North America, count Gretzky among those interested to see how the young guys can do in a tournament with so many experienced international players.
He thinks the experience will benefit them, mentioning Edmonton Oilers center Connor McDavid by name, but he's skeptical about North America's goaltending even though Matt Murray helped guide the Pittsburgh Penguins to the Stanley Cup championship last season.
Gretzky, though, is willing to give the young guys a puncher's chance to win gold, saying they will not be a pushover "by any means."
"It'll be a little different for them, but you know what, I hope they do great," Gretzky said. "It would definitely be something if they won a gold medal."
And that would definitely give Gretzky something new to ponder when he thinks about the World Cup of Hockey. Then again, so would another Canadian gold medal, or great hockey in general.
No matter what lies ahead, The Great One is pumped for it all to begin.
"It's going to be really special," Gretzky said.