National Hockey League (NHL)

What it is

The National Hockey League is the governing body for professional ice hockey in North America, operating 32 franchises: 25 in the United States and 7 in Canada. Teams are grouped into two conferences (Eastern and Western), each split into two divisions of four clubs. The Stanley Cup, awarded each June to the playoff champion, is the oldest professional sports trophy in North America; Governor General Lord Stanley of Preston donated it in 1892. The NHL head office is in New York City. Commissioner Gary Bettman has held the post since February 1993, the longest tenure of any commissioner among the four major North American professional sports leagues.

History

The NHL was organized November 26, 1917, in Montreal after the predecessor National Hockey Association of Canada suspended operations. Four clubs attended the founding meeting: the Montreal Canadiens, Montreal Wanderers, Ottawa Senators, and Quebec Bulldogs; the Toronto franchise joined days later as the fifth member. The Boston Bruins, admitted in 1924, became the first US-based franchise. By 1942-43, the league had contracted to six clubs, later canonized as the "Original Six": the Boston Bruins, Chicago Blackhawks, Detroit Red Wings, Montreal Canadiens, New York Rangers, and Toronto Maple Leafs. That configuration held for 25 seasons. A 1967 expansion doubled membership to 12; subsequent waves brought the total to 30 by 2000. The Vegas Golden Knights debuted in 2017-18, the Seattle Kraken in 2021-22. In 2024-25, the Utah Mammoth, launched after the Arizona Coyotes franchise was dissolved, kept the total at 32.

Current state

Hockey-related revenue (HRR) approached US$7 billion in the 2024-25 season, an all-time high for the league. Sponsorship income reached US$1.53 billion that season, up 9% year-on-year. Player compensation is governed by a 50-50 HRR split established in the 2013 collective bargaining agreement, with the salary cap adjusted annually against that pool. In June 2025, the NHL and the NHL Players' Association (NHLPA) agreed a four-year CBA extension running through September 15, 2030. Key terms: the regular season grows from 82 to 84 games per team; preseason shrinks from six games to four; maximum contract lengths fall to seven years for players re-signing with their current club and six years for free agents moving teams. Commissioner Bettman described the negotiations as "completely refreshing." NHL players will compete at the February 2026 Milan-Cortina Winter Olympics, the league's first Olympic participation since the 2014 Sochi Games.

Relationships

The NHLPA, led since 2021 by executive director Marty Walsh, is the league's principal labor counterpart. The two sides share a fraught history: lockouts in 1994-95, 2004-05 (which erased an entire season), and 2012-13 eventually produced the current 50-50 revenue split. The 2025 CBA extension was reached without public dispute, which Bettman attributed to the improved working relationship with Walsh. Hockey Canada and USA Hockey govern national development pipelines and supply talent for international competition. The International Ice Hockey Federation (IIHF) coordinates Olympic and World Championship participation; the 2025 CBA commits the NHL to a biennial rotation of Olympic breaks and World Cup of Hockey events. In the United States, broadcast rights are held by ESPN and TNT/TBS; Rogers Sportsnet carries the national Canadian package.

What to watch

The 84-game schedule and adjusted contract rules take effect for the 2026-27 season under the new CBA. The February 2026 Olympic pause will be the first live test of how an international break affects team rosters, injury rates, and playoff-stretch momentum. Bettman has signaled appetite for more regular-season games in Europe; the league has already staged season-opening contests in Prague, Helsinki, and Stockholm. The Utah Mammoth's first several seasons will test whether mid-sized US markets can sustain NHL franchises over the long term, following the Coyotes collapse. Canadian franchise revenues are tightly tied to on-ice performance, and a prolonged slump across multiple Canadian clubs would create broader league financial pressure.