BUFFALO — Gary Bettman has never been one to shy away from the NHL's upward economic trajectory.
During his latest media availability at KeyBank Center, held before Game 2 of the first-round playoff series between the Buffalo Sabres and Boston Bruins, the NHL commissioner weighed in on several topics, including the valuation of franchises.
For years, the magic number for NHL expansion was trending toward the billion-dollar mark. After all, the Vegas Golden Knights joined in 2017 for $500 million and the Seattle Kraken for $650 million in 2021.
But according to Bettman, a billion is no longer the ceiling; it is not even the floor.
"Actually, if we were to expand, it would be substantially more than a billion," Bettman said. "I think people tend to forget, for the most part, when you expand, the expansion fee is really to reimburse the existing clubs for revenues that you're giving up. Because there is an economic value. If you're in 32 teams and you expand to 33, you're now taking national league revenues, and instead of dividing them 32 ways, you're dividing them 33 ways."
The commissioner insisted there are no immediate plans to expand, but discussions over interest continue on an ongoing basis.
"You look at ownership, you look at market, you look at arena, and you look at whether or not it makes the league stronger by doing that expansion," Bettman said. "And there are a number of cities that have been talking to us, and if any of them decides they're ready to check all the boxes and comes in with a concrete plan, I'll take it to ownership. But we're not pushing for it."
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Bettman's appetite for changing the game's actual structure remains nonexistent.
Despite pointed questions regarding the current standings system — notably how the Philadelphia Flyers finished with 10 fewer regulation wins than the non-playoff-bound Capitals — Bettman was dismissive of any structural overhaul.
"Every few seasons or once in a blue moon, you may get an aberration," Bettman remarked. "But I don't think we're at this point in search of a problem that needs to be fixed."
It's the classic Bettman defense: if the television ratings are up and the buildings are full, the math behind the scenes is secondary.
He doubled down on the current playoff format, citing "great rivalry matchups" like the Battle of Pennsylvania and Boston-Buffalo as proof that the system delivers what fans and broadcasters want.
While the backdrop for this availability was Buffalo — a market Bettman praised for its "sensational" turnaround after a 14-year drought — the conversation quickly turned from the ice to the infrastructure.
With the Buffalo Bills' new Highmark Stadium nearing completion, pressure is mounting on the Sabres and local government to address the aging KeyBank Center.
Bettman described the arena as having "good bones" but needing "updates," expressing confidence that owner Terry Pegula will turn his focus there once the football project is settled.
Perhaps most importantly for Western New York fans, Bettman all but guaranteed a return to outdoor hockey in the region.
"I believe it's not a question of if, it's a question of when we play an outdoor game in the new stadium," Bettman said.
While he stopped short of an official announcement, he noted the 20th anniversary of the first Winter Classic is approaching, making the new football stadium a prime candidate for a future showcase.
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