The National Hockey League (NHL) is the pinnacle of professional ice hockey, attracting the best players from around the world and followed by millions of fans in North America and beyond. Founded in 1917, the league initially included five teams, all located in Canada. Today, the NHL has 32 franchises, including seven in Canada and 25 in the United States.
The biggest franchises in the NHL
The Edmonton Oilers were tied with the Toronto Maple Leafs most profitable teams in the NHL during the 2023 season, both recording revenues of just over US$280 million. Meanwhile, the Maple Leafs were also the most valuable franchise in the leaguewith an estimated value of US$3.8 billion in 2024, followed closely by the New York Rangers with a valuation of US$3.5 billion. More than half of all NHL franchises had an estimated value of at least US$1 billion that year. average valuation of NHL franchises more than doubled between 2021 and 2024.
Player salaries
Playing in arguably the highest division of professional ice hockey in the world can earn players a large sum of money each year. In 2024, the annual salary of highest paid player in the NHL exceeded 16.5 million US dollars. Auston Matthews, who was the Toronto Maple Leafs’ first overall draft pick in 2016, earned the highest salary in the league that year. He appeared to justify his payroll as he became the first NHL player in 28 years to score more than 65 goals in a single season in 2023/24. However, it was the Vegas Golden Knights and the Colorado Avalanche who won. Highest player spending in the NHL during the 2023/24 season, both paying $116 million in salaries during that season. This was more than $16 million more than the average payroll of NHL teams this season. The league also offers a minimum annual salary of a player to protect its athletes, with a total amount of 775 thousand US dollars for the 2024/25 season, an attractive prospect for any young player wishing to break into the big leagues.
The Stanley Cup
The Stanley Cup is the pinnacle of the NHL season and is the championship trophy awarded to the league’s playoff winners. The Montreal Canadiens are the league’s most successful franchise in terms of championships, having won the Stanley Cup 24 times in their history. However, the Canadiens have struggled to achieve success in recent years, with their most recent Stanley Cup victory coming in the 1992-93 season. THE most decorated individual player in the NHL is Henri Richard, who won an impressive 11 Stanley Cups during his career with the Canadiens from 1955 to 1975. average audience for championship matches saw a resurgence in 2024, with an average of 4.2 million viewers in the United States watching the Stanley Cup games that year, before dropping back to 2.5 million in the 2025 season, where the same two teams – the Florida Panthers and Edmonton Oilers – once again battled it out for hockey’s biggest prize.
Despite viewership and broadcast challenges, the NHL remains financially strong, with rising salaries, a growing salary cap and new collective agreements that support long-term stability. Continued international expansion, digital innovation and youth engagement will be key to sustaining growth and reversing domestic audience decline.
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