The National Hockey League (NHL) is a fascinating story of expansion, relocation, and relentless growth. From its early days as a small league to its current 32-team lineup, the NHL has continuously evolved, capturing the hearts of fans across North America and beyond. Let’s take a closer look at how the league’s structure has developed over the years and what makes its teams so valuable.
A League of 32 Teams (For Now)
In the 2017–18 season, the NHL featured 31 teams split into two conferences: Eastern and Western. Back then, the conferences weren’t balanced. The East had 16 teams, while the West made do with 15. Things shifted again with the addition of the Seattle Kraken in 2021. This newbie joined the Pacific Division, while the Arizona Coyotes slid over to the Central Division, creating a neat structure: two conferences, each with 16 teams, split evenly across four divisions.
Fast forward to 2024, and there was another shakeup. The Arizona Coyotes’ assets were sold to Utah’s Ryan Smith, owner of the Utah Jazz. This new team briefly brought the total franchises to 33, but plans to reactivate the Coyotes fizzled out, leaving the NHL right back at 32 teams. It seems like 32 is the league’s lucky number… At least for now!
A Game of Musical Chairs
The NHL has been all about growth, especially in the 1990s. Nine new teams were added during this decade alone, bumping the league from 21 to 30 teams. Some franchises also relocated, trading cold northern cities for sunny southern destinations. For example:
- The North Stars moved from Minneapolis to Dallas.
- Quebec City’s Nordiques found a new home in Denver as the Avalanche.
- Winnipeg’s Jets flew south to Phoenix.
- Hartford’s Whalers became the Carolina Hurricanes.
It wasn’t until 2017, with the Vegas Golden Knights joining the league, that the NHL expanded again, and Seattle’s Kraken followed in 2021.
Who Tops the List?
When it comes to value, some NHL teams are in a league of their own. In 2023, the Toronto Maple Leafs reclaimed their throne as the most valuable team, with a whopping valuation of $2.8 billion. The top five included:
- Toronto Maple Leafs – $2.8 billion
- New York Rangers – $2.65 billion
- Montreal Canadiens – $2.3 billion
- Los Angeles Kings – $2 billion
- Boston Bruins – $1.9 billion
Interestingly, the Los Angeles Kings leapfrogged both the Chicago Blackhawks and Boston Bruins to secure a spot in the top five. Chicago and Detroit might not crack the very top, but their storied histories make them perennial fan favorites.