On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams are joined by Kurt Badenhausen, Sportico‘s valuations expert, to discuss his latest NHL valuations.

The average NHL team is now worth $2.1 billion, up 17% from last year’s numbers. The Toronto Maple Leafs top the list at $4.25 billion, followed by the New York Rangers ($3.65 billion) and the Montreal Canadiens ($3.3 billion). The Columbus Blue Jackets are last at $1.3 billion.

The hosts talk about the tailwinds for the league right now. A new Canadian media deal and long-term labor peace have created a sense of stability and revenue certainty. Teams are expecting a boost from the next U.S. national TV deal as well. The downside of the RSN collapse, which has impacted the NBA and MLB as well, has been softened by the fact that RSNs in Canada have remained strong.

Over the past few years the NHL has crept closer to MLB in valuations. The average MLB team is worth about $2.8 billion, but the get-in price for both leagues is around $1.3 billion. In Tampa in the past two years, the Lightning sold for more than the Rays.

The trio discusses success in the Sun Belt—particularly for the Florida Panthers and Carolina Hurricanes—and how the NHL might better monetize its popularity oversees. NHL players will skate in the Winter Olympics next year in Italy, the first Games since 2014 to feature the world’s top players.

They close with a discussion about the culture of NHL locker rooms, where stars have historically shied away from marketing opportunities. Outside of Alex Ovechkin and Sidney Crosby, who is the third-most recognizable active NHL player in the U.S.? The hosts debate.

(You can subscribe to Sporticast through Apple, Spotify, or wherever else you get your podcasts.)