The Athletic Hockey Show

Episode: Our top five hockey storylines for 2026
Hosts: Jesse Granger (Las Vegas), Rob Rossi (Pittsburgh)
Date: December 29, 2025

Overview

This special holiday episode tackles the top five NHL storylines to watch heading into 2026. Hosts Jesse Granger and Rob Rossi count down from five to one, covering everything from the booming business of hockey and its impact on the trade deadline, to the explosive youth movement taking the league by storm. Key topics include off-ice money moves, on-ice parity, looming Olympic drama, the Florida Panthers’ quest for a dynasty, and the emergence of a new generation of stars.

Key Storylines & Discussion Points

1. The NHL Business Boom & Franchise Values

[03:15–10:55]

• Recent franchise sales are drawing major attention. The Pittsburgh Penguins, for example, are being sold for $1.8 billion, nearly double the 2021 price, despite the franchise’s recent struggles and aging stars.
  • Rob Rossi: “The Penguins brand is... significantly diminished compared to where it was a decade ago... and they just got an aging superstar in Sidney Crosby and who knows how long he'll play. To get $1.8 billion for that team? That means these teams have significant value. I’d be surprised if you don’t see other owners exploring bringing in investors or selling.” [04:04]
• Expansion fees are skyrocketing; talk of a $2 billion fee for new franchises reflects the league’s red-hot financial state.
  • Jesse Granger: “It’s clear business is good for the NHL. I believe the expansion fee for Vegas was $500 million... to go to $2 billion, more than double, it’s a sign that business is good. It’s a good time to own an NHL team.” [06:26]
• Minority ownership is also evolving: College football icon Nick Saban joined the Nashville Predators, and investment funds—including those from the Middle East—are eyeing stakes in teams.

2. Rising Salary Cap – Will it Destroy Parity?

[10:55–14:49]

• The NHL salary cap is surging towards $110-$120 million. Will this split the league into financial “haves and have-nots”?
  • Rob Rossi: “History suggests that when the number gets to be where it's going, well over $100 million, you're going to have the haves and have nots... Are mid-market teams like Pittsburgh going to be spending to the cap every year?” [12:04]
• There is concern that some teams, especially in mid-sized markets, may not be able to keep pace, reintroducing inequity to roster spending.

3. Parity & the Trade Deadline Crisis

[14:49–22:10]

• The league is experiencing “insane parity” — with most teams hovering above .500, only a handful are clear sellers.
  • Jesse Granger: “Fifteen of the 16 teams in the Eastern Conference are above .500...you win your game or lose your game, you are going up or down five, six places in the standings.” [14:49]
• Fewer teams willing to sell at the deadline could drain trade drama and reduce player movement.
• New CBA rules prohibit double-retention salary trades, further complicating deadline deals for cap-strapped contenders.
  • Jesse: “All the teams that are looking to add at the deadline are pressed against the cap. That double retention broker trick—now that’s gone.” [18:12]
• Teams face a dilemma: Go for the playoffs and risk coming up short, or try to sell and risk alienating fans and players.
  • Rob: “It’s going to take a courageous GM to decide, ‘Yeah, we might be in a wildcard spot but we’re not a Cup contender and we're going to sell.’” [16:05]

Memorable Moment

• Rob's cat Glow Bug makes an entrance during a discussion of Toronto’s playoff chances:
  • Rob: “Sorry, my cat Glow Bug was getting in on the action. He heard Toronto and just went crazy.” [21:52]

4. Olympic Hype: Canada vs. USA Showdowns

[24:37–36:59]

Women’s Tournament

• USA’s dominant sweep of Canada in the Rivalry Series sets up a highly anticipated gold medal clash.

  • Jesse Granger: “Not only did America beat Canada, they beat them 4-0. They outscored them 24-7. That sets up the most exciting Olympics we could have had on the women's side.” [25:14]

• Rob Rossi: “I am a much bigger fan of the US–Canada rivalry at the women’s level, when it involves professionals, than I am the men. There’s legitimate dislike and respect—none of it feels manufactured.” [26:07]

Men’s Tournament

• The men’s field is deeper (Sweden, Finland, Czechia all strong) but the hype centers on Canada-US.
  • Jesse: “Maybe it’s setting us up for a letdown... but man, are my hopes high for this Olympics. I could not, my hopes could not be higher than they are going into these Olympic Games.” [29:34]
• Canada’s forward pipeline is unmatched, but goaltending is a U.S. strength.
  • Jesse: “The embarrassment of riches the United States has in net is stunning compared to these other countries... If the US is going to take down Canada, that’s the way they do it: by their goalie just goalieing them.” [32:57]

Memorable Debate / Quotes

• Rob: “Call me when the US beats [Canada] in a game that isn’t a round robin. The U.S. national team needs to beat Canada on a stage where it eliminates Canada for this to really be a rivalry.” [29:44]

5. Panthers’ Dynasty Quest & Playoff Parity

[38:00–41:57]

• The Florida Panthers are chasing a fourth straight Finals appearance, despite Alexander Barkov’s major injury.
  • Jesse: “Despite the fact that they aren’t looking like the top team, I guarantee if you ask every team in playoff position ‘would you want to play the Florida Panthers in the playoffs?’ the answer will be no every time.” [37:32]
• Rob remains cautious but won’t rule out Florida given the East’s mediocrity.
  • Rob: “I’m not going to say no because the east is just so mediocre and the Panthers are built to win playoff series. Still, what concerns me is just the minutes their guys are playing... But I don’t look at anybody in the east and say Florida without Barkov can’t beat them.” [38:00]
• Bold Prediction:
  • Rob: “I think the Ottawa Senators will represent the Eastern Conference in the Stanley Cup Final.” [41:23]
• The league is finally seeing turnover; new teams are rising, making it the most unpredictable and fun season in years.
  • Jesse: “This is one of the most fun seasons in the NHL in a long time because we’re finally seeing turnover... We are seeing a revolution, a youth movement in the NHL.” [42:11]

6. The Youth Movement: Bedard, Celebrini & Beyond

[45:23–55:06]

• This season showcases a striking explosion of young talent: Macklin Celebrini (Sharks), Connor Bedard (Blackhawks), Leo Carlson (Ducks), Matthew Schaefer (Islanders), Jesper Wallstedt (Wild), and Yaroslav Askarov (Sharks, via trade).
  • Jesse: “Not only the best—one of the best young players—but just flat out one of the best players in the entire NHL. The same thing's happening with Connor Bedard in Chicago... It has been so much fun.” [45:23]
• The Sharks' core (Celebrini, Smith, Askarov) evokes memories of young Penguins dynasties.
  • Rob: “The jump [Celebrini] made from his first to second season is very similar to what you’re seeing Celebrini make. Celebrini seems to have that sort of pathological drive that Crosby has, that maturity.” [48:36]
  • Jesse: “If Celebrini and Will Smith are what we think they are and Yaroslav Askarov is a stud in net, that team is set up to be good for a decade.” [50:20]
• Anaheim Ducks praised as further ahead on the “win-now” curve, especially with mature play from Leo Carlson.
  • Jesse: “Leo Carlson is a grown man... Not just height wise but just built like a grown man.” [52:27]
  • Rob: “Jordan Staal is the type of guy that wins your Stanley Cups... Carlson reminds me a lot of that.” [53:09]
• It’s a special crossroads moment: youth are rising without the old guard fading—the league has “then, now, forever” stars all at once.
  • Rob: “If the NHL can't figure out how to expand its fan base with what's going on, they should stop trying... This has been one of the most fascinating and enjoyable and organic seasons.” [54:24]

Notable Quotes

• On the business side
  “If the Penguins are worth $1.8 billion given their current state...there’s probably a lot of teams worth $2+ billion.”
  — Rob Rossi [04:04]

• On parity and the deadline
  “Fifteen of the 16 teams in the East are above .500. You win or lose, you go up or down five, six places.”
  — Jesse Granger [14:49]

• US-Canada, women’s hockey
  “There’s legitimate dislike. There’s been decades of competition. There’s respect. But it’s a legitimate...that’s on both sides.”
  — Rob Rossi [26:07]

• On the US needing to beat Canada in a big game:
  “Call me when the US beats [Canada] in a game that isn’t a round robin game...for this to really be a rivalry.”
  — Rob Rossi [29:44]

• On the youth movement’s impact
  “This is one of the most fun seasons...because we’re finally seeing turnover...a youth movement in the NHL.”
  — Jesse Granger [42:11]

• On the “now and forever” of NHL stars:
  “We’ve still had these guys that are in their prime...and we've had this weird thing where Ovechkin, Kucherov, Malkin, Crosby—these guys are still really good.”
  — Rob Rossi [54:19]

Timestamps for Segment Highlights

• League business & franchise values: [03:15–10:55]
• Salary cap & parity concerns: [10:55–14:49]
• Trade deadline impact: [14:49–22:10]
• Olympics: Women’s and Men’s US vs. Canada: [24:37–36:59]
• Florida Panthers’ dynasty chase & playoff parity: [38:00–42:11]
• Youth movement & breakout stars: [45:23–55:06]

Tone & Style

Conversational, insightful, full of compelling stats, pointed debate, and the occasional lighthearted moment—like Rob’s cat “Glow Bug” chiming in during a Toronto segment.

Conclusion

The episode is a tour de force look ahead to 2026, blending business news with hockey’s on-ice evolution. From billion-dollar sales and expansion fever, to nervy trade deadlines, Olympic hype, possible dynasties, and an inspiring crop of newly-arrived superstars, Jesse and Rob present a league at a crossroads—one where the only certainty is that 2026 holds more twists, turns, and fresh faces than any year before.