So, you’ve probably heard the rumors. Maybe you’ve seen the mock logos for a team in Houston or a third attempt at Atlanta. Everyone seems to think the NHL is just weeks away from dropping a 33rd and 34th team into the mix like it’s a casual weekend project.
Honestly? It's way more complicated than that.
The league is currently sitting at a comfortable 32 teams. Since the Seattle Kraken paid their $650 million and started skating in 2021, the landscape has shifted massively. We aren't in the $500 million Vegas era anymore. If you want in now, you’d better have pockets deeper than a Lake Superior trench.
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The $2 Billion Barrier
Let’s talk money first because that’s where Gary Bettman starts every conversation, even if he says he isn't "formally" looking to expand. During the June 2025 Board of Governors meeting, the number finally went public: $2 billion.
That is just the entry fee. That doesn't buy you a locker room, a Zamboni, or a single roll of stick tape.
Islanders co-owner Jon Ledecky basically confirmed this at a sports summit recently. He pointed out that the next owner will likely need another $500 million to $600 million just for arena equity. You're looking at a $2.6 billion buy-in before you even draft a fourth-line winger. For context, the Utah Mammoth (who officially dropped the "Utah Hockey Club" temporary tag) joined the league in 2024 through a unique "expansion-relocation" hybrid that cost Ryan Smith around $1.2 billion.
The price of the brick just went up. Fast.
Atlanta: Third Time's a Charm or Just a Glutton for Punishment?
It sounds like a joke to some, but Atlanta is the most persistent name on the list. Yes, the Flames left for Calgary. Yes, the Thrashers left for Winnipeg. But the NHL is obsessed with the Atlanta market because it’s a massive TV goldmine.
Right now, there are actually two different groups fighting over this:
- The Forsyth County Group: Led by Vernon Krause. They’ve got a $3 billion mixed-use project called "The Gathering at South Forsyth." It’s basically a mini-city with an 18,500-seat arena. But as of January 2026, reports from the Atlanta Journal-Constitution suggest Krause hasn’t talked to the league in months. That’s... not great.
- The Alpharetta Group: This one has former NHLer Anson Carter as the face of the bid. They want to redo the North Point Mall area. Bill Daly, the NHL Deputy Commissioner, has acknowledged they’re interested, but they’ve got a lot of ground to cover.
Atlanta has the fans—specifically in the northern suburbs where the money is—but the league is being incredibly cautious. They can't afford a third failure in the Peach State.
The Houston "Sleeping Giant"
Houston is the biggest market in North America without an NHL team. It’s almost weird they don't have one yet. Tilman Fertitta, who owns the Rockets and the Toyota Center, has been the primary name linked to a bid for years.
But there’s a new player in town. Dan Friedkin, the billionaire who recently bought Everton F.C. and owns Gulf States Toyota, has emerged as a serious contender.
The struggle in Houston isn't the fans or the money; it's the building. While the Toyota Center can host hockey (the Aeros played there for years), it’s not ideal for the long term. There’s a lot of talk about building a dedicated practice facility in the northern suburbs like The Woodlands or Conroe to build the "grassroots" interest first.
Why Salt Lake City Changed Everything
When Ryan Smith brought the Mammoth to Utah in 2024, he proved that the NHL prefers owners who already own the building and an NBA team. It makes the logistics easy.
This is why cities like Austin, Indianapolis, and even New Orleans have been mentioned in passing. The NHL doesn't want to be a tenant anymore. They want to be the landlord.
What’s Actually Next?
Bettman is a master of the "slow play." He’s currently focused on the 2026 Milan-Cortina Olympics and growing the game in Europe. He told reporters in late 2025 that expansion isn't a "front-burner" issue.
Translation: "I'm waiting for someone to hand me a check for $2 billion and a blueprint for a brand-new arena."
If you’re betting on the next NHL expansion team, keep an eye on these specific signs:
- Arena Groundbreakings: If a shovel hits the dirt in Alpharetta or North Houston, a team is coming.
- The Arizona Factor: Alex Meruelo has a window to "reactivate" the Coyotes if he builds a rink. If that clock runs out, expansion becomes much more likely to fill that 34-team gap.
- 84-Game Season: The new CBA allows for a longer season. You don't increase the games unless you're planning to add more players and more markets.
Expect the league to stay at 32 for at least another two seasons. The jump to 34 will likely happen in one big wave toward the end of the decade, likely with one Eastern team (Atlanta) and one Western team (Houston or a return to Phoenix).
Next Steps for the Die-Hards
Keep your eyes on the Board of Governors meeting in June 2026. That’s where the real "peek around the door" happens. If the league officially opens an application process, the $2 billion race begins. Until then, everything else is just talk over a beer.