True Hockey Talk: Gary Bettman With W. Graeme Roustan

The Hockey News' Money and Power 2026 hockey business annual is available at THN.com/free, featuring the annual 100 people of power and influence list.

W. Graeme Roustan, owner and publisher of The Hockey News, sat down with special guests for peer-to-peer conversations also featured in the issue, including NHL commissioner Gary Bettman.

Here's their full conversation in The Hockey News' True Hockey Talk:

Read along with an excerpt from their discussion:

W. GRAEME ROUSTAN: Both of us just got back from Stockholm. It was nice that Pittsburgh won one and Nashville won the other (at the NHL Global Series). Overall, what are your thoughts on Stockholm and how it all went down?

GARY BETTMAN: Well, we've probably played somewhere between 45 and 50 regular-season games outside of North America. And we've played more in Sweden than anywhere else. It's a testament to the passion that Swedes have for the game. Stockholm is a magnificent, beautiful city.

WGR: Is it a part of the league's strategy to have more games internationally?

GB: Yeah, I think we want to make sure that we're in close contact and have the ability to connect with our fans, no matter where they live in the world. Our website is in eight different languages, just by way of example. Our games are available on media platforms, linear or digital, in, I don't know, 150 countries. So we are truly an international game. And going to the Olympics and putting on a World Cup again on a regular rotation, that's all part of the internationalization of our sport.

And as it relates to the best-on-best, we know it's important to the players, not just the fans, because our players have a history and tradition of representing their countries, and they love to do it. From our standpoint, maximizing an essential and important element of the game is great.

WGR: We've both been around the NHL for a long time, 30-plus years, and we've seen a lot of things. Years ago, there would be exhibition games overseas, pre-season games and stuff like that, but now there are actual games being played over there that are part of the regular season.

GB: What's great about that is two-fold. One, fans, particularly hockey fans throughout the world who are knowledgeable and sophisticated, they want to see the real thing. And we know that, which is why we're approaching 50 games outside of North America. And so, to us, that's important.

But what's also fun, you look at our (playoff) races, right? It's incredible. These games matter. These games count. These games can be the difference between making and not making the playoffs.

WGR: But this goes to parity. What you just said there goes to the parity in the league.

GB: It's even more than that within the game. I may be a little off on the percentage, but something like 52 or 53 percent of our games are tied at some point in the third period. And so, it's compelling entertainment. Our competitive balance is extraordinary, and it's a testament to the game, the rules and the players. Most importantly, most people say the game has never been better.

WGR: The popularity of the NHL has never been higher than it is today. There's no question.

GB: But that's a testament to the strength of the game. It's the competitive balance that you mentioned, as you called it, parity. At the end of the day, it's the game, what takes place on the ice. That's the most important thing. Everything we do, whether it's marketing or technology, is to wrap around the game, not change the game, and make the game more accessible to more people.

WGR: Watching it on TV has never been better, but there's nothing like going to a game.

GB: That's a testament to the game. Our game on television is comparable to the other majors. Not an issue. But we believe, and I think it's true, that our in-person experience is the best in sports.

WGR: Which brings me to expansion, because everybody's always talking about how the game is so great to go to. There are so many markets that want it.

GB: The fact of the matter is, we're at 32 teams. Our franchises have never been stronger. Our ownership has never been better. The talent level of our players has never been better. Yes, there are a number of cities, people who have expressed an interest. We're not pushing expansion.

If it happens, it will be, for lack of a better word, organic. Somebody will come in and say, "We can check the four primary boxes. Let's have a good look together." And the primary boxes are ownership, market, arena, and what will we do to make the game stronger, make the league stronger. And there are a number of people who are going through that exercise on their own. If they come in and say, "OK, we're ready to try this," then I'll take it to the board if it makes sense. But it's not something that we're pushing.

It could well happen, and there's a tremendous amount of interest out there. But again, we're not on a timetable. We like where we are, and we're coming off what is probably the two most successful expansions in the history of expansion in any sport when you look at Vegas and Seattle.

WGR: Well, that's the thing is that Vegas and Seattle have been such a huge success. Not only just financially, but the level of quality of those teams is through the roof.

GB: That's a testament to NHL ownership saying, "Based on our system, based on our competitive balance, why would we bring in teams that couldn't be competitive on Day 1?" The traditional expansion process in all sports had been, historically, you take the money and you give a bare-bones team. Then, the initial enthusiasm wears off in two, three years because the team chronically loses. And then another five, six, seven years out, the team gets competitive, and then there's excitement.

We gave Seattle and Vegas the opportunity to be competitive from Day 1. And it's made a big difference. But that was secondary to the fact they had good ownership, good markets, good arenas. And we think it enhanced our footprint.

WGR: Do you still have a short list of things that you want to accomplish? You've accomplished so much, but what's on your list?

GB: There's never a short list. We want to continue to grow. We want to continue to grow in Canada and the United States at all levels of the game. We want to continue to put on world-class, the best sports and entertainment. And we believe we have an opportunity to also grow internationally. With everything that's going on, entertainment, even sports, is more and more fragmented, but there are more and more opportunities. If you're not constantly moving forward, you're going to fall back.

WGR: It used to be that for leagues, generally speaking, the media rights were the No. 1 revenue source for a lot of leagues. But it seems like now, betting and gambling, those types of businesses, and other sponsors are investing more in leagues.

GB: No. Media, that's the primary connection with your fans, in addition to fans coming in person. So if you're looking at revenues and the business, selling tickets and media rights is still the most important and has the largest, overwhelmingly, significance to our business.

WGR: But you see a lot of companies now that want to be partners with the NHL.

GB: We represent a very strong and important brand. The demographics of our fans is first and foremost among leagues, and so, hopefully, people find us to be a desirable business partner. We like associating with big-name, important, well-respected brands.

WGR: What do you see coming next in the next five years? Do you see any trends around the corner involving the game or investment?

GB: Everything starts with the game, and that's what we're focused on day in, day out, night in, night out. Marketing, promotion, technology. That's around the game, but you have to make sure the game is strong. We're going to continue to look for ways to grow the game and to invest in the growth of the game at all levels.

WGR: There's never been a time, in my memory, when the NHLPA and the NHL have really been more on the same page. Do you sense that's the case?

GB: Absolutely. Marty Walsh is a great partner. He has an amazing track record in history, whether it was running unions in Massachusetts, mayor of Boston, secretary of labor in Washington. And he's smart. He gets it. He understands the importance of collaboration to grow the game for everybody's benefit, including the players, obviously, in their 50 percent.

And he's also a fierce, determined representative on behalf of the players. He's a terrific partner to have, and I'm thrilled at how well we've been able to work together, whether it was bringing back the World Cup and going to the Olympics, or the fact that we were able to do a collective bargaining agreement, quietly, a year in advance.

WGR: This year, one of the big storylines is the contract of Kirill Kaprizov, $17 million a year. That's the new high.

GB: It is what it is.

WGR: We're heading towards $20 million.

GB: It is what it is. We have a three-level cap, league-wide 50-50, each team has a hard cap, and there's a maximum player cap. Obviously, in Minnesota, they came to terms on what they both thought was appropriate. I don't get involved in individual player negotiations, and I assume this was the deal that worked well for both players.

By the same token, Connor McDavid, who people perceive as probably the best player in the world, decided to give a hometown discount to help make the Oilers even more viable as candidates for the Stanley Cup championship. So every situation is different. Let's not prejudge either.

WGR: No, but what it's saying is that players are getting paid more because the businesses, underlying businesses are stronger.

GB: That's the promise of our system. As revenues, the business, grow, the players share in it, which is something we've always thought was appropriate and always something we wanted so that we could work together to grow the game.

WGR: Last thing I want to ask you, because this is an Olympic year, how important is it for the NHL and the IIHF and the IOC to work together to really put on a good Olympics?

GB: I think for the hockey world at all levels and in all places to collaborate to grow the game is vitally important. Going to the Olympics is something we do, first and foremost, because it's important to the players, and they've made that clear to us. It's a balancing act. It has an impact on our season, whether it's compression of the schedule, whether it's players coming back fatigued or even, hopefully not, injured.

We don't get to market and promote ourselves at the Olympics. We're simply invited guests. And that's less than ideal. Having said that, it's good for the game. It's important to the players. That's why we go.

WGR: Do you have a prediction for the gold medal?

GB: Absolutely not.

For more interviews with a deep look into the world of the hockey business, check out The Hockey News' Money and Power 2026 issue, available at THN.com/free.