Colorado's valuation remains unchanged at $1.9 billion, defying broader NHL appreciation despite strong on-ice performance. flat valuations across premium franchises reflect negotiating leverage erosion ahead of ESPN/Turner media deals expiring in 2026. Kroenke's portfolio (Rams, Arsenal, Denver Sports) has benefited from real estate appreciation; the Avalanche stagnation signals that operational performance alone no longer drives NHL multiples higher. League-wide, per Forbes data, only four franchises exceeded $2.5 billion this cycle. Media rights compression and arena revenue ceilings are constraining equity multiples across the Big Six markets. Next catalyst: 2026 broadcast renewal timing and whether DraftKings gambling integration accelerates fan spending per venue.