ejection. Late hits have caused more injuries through the years, and they don't come with an ejection. We've seen guys nearly get their heads ripped off with a facemask penalty, and that doesn't come with an ejection. I get that they want the players to know it's serious, but it shouldn't come with an ejection.
Or at the very least, it could be modified to "on a player's 3rd such penalty during the season, a 1-game suspension will be enforced in the very next game."