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.

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On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams speak with Shawn Thornton, chief revenue officer of the Florida Panthers, about the team’s return to the Stanley Cup Final and what it means for various different revenue streams.

The Panthers face the Edmonton Oilers in Game 1 of the Finals on Wednesday. It’s a rematch of last year’s final, which the Panthers won in seven games, and the third straight Stanley Cup Final appearance for the Florida team.

Thornton talks about what that multiyear success means for the team. He discusses ticket renewals, sponsorship sales, and ticket pricing. He jokes that while he doesn’t get a ton of inbound sales calls, the conversations are easier now.

He also gave his thoughts on the team’s local media partnership. The Panthers used to be on one of the Bally’s RSN networks, but last summer moved to a broadcast deal with Scripps, a setup similar to a handful of other NBA, NHL and MLB teams caught in the Diamond Sports bankruptcy. While he declined to provide specifics on the economics, he did say game viewership is up more than 2x in some cases, and that helps the team in its broader partnership conversations.

The trio discusses the Tkachuk brothers–Matthew is one of the Panthers’ stars–who boosted their popularity during the Four Nations Face-Off earlier this year. That bleeds into a conversation about NHL players and their relationship with fame and marketing deals. For years, many marketing executives felt the culture of the sport made stars less likely to market themselves. Now, however, a fresh crop of young NHL stars seems to be changing that narrative, with a boost from new media and the league itself.

Thornton also talks about his personal journey from professional hockey player to team revenue boss. He played in the NHL for the Blackhawks, Ducks, Bruins and Panthers. At each stop, he said he gravitated to the business office. He arrived at the Panthers shortly after Vinny Viola bought the team in 2013 for $250 million, and the role grew from there.

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