League Valuation & Revenue - NHL franchise valuations are experiencing continuous growth, driven by the value of live content [2][3][4] - The league estimates franchise values have increased by approximately 100% in the last three years [3] - The league believes it is undervalued due to insufficient credit for its economic system, which effectively manages costs through a hard salary cap and revenue sharing [3][6] Economic System & Competitive Balance - The NHL's economic system features a three-level hard cap and revenue sharing, contributing to significant competitive balance among teams [6] - The league emphasizes that valuations should consider net revenues (accounting for costs) rather than just gross revenues [6] Talent Pipeline & Player Development - A rule change by the NCAA now allows Canadian Hockey League (CHL) players to sign with NCAA teams, potentially altering the path to the NHL [7] - The league views this change as a positive development, enabling young hockey players to develop better and potentially reach the NHL if they possess the necessary skills [8] Overall League Health - The NHL asserts that the game is in excellent condition, characterized by competitive balance and entertainment value [4] - The league positions NHL hockey as a premier form of live content and programming [4]