Rogers Sportsnet's 12-year, $7.7B deal with the NHL expires June 30, 2026 — less than three months away. That's $641.7M annually flowing into the league from Canada alone. The renewal market is already active, and the economics will reset how every NHL franchise models Canadian revenue. Traditional broadcasters (Bell Media, CTV) are the obvious contenders, but streaming platforms and tech companies are expected to bid for the first time at this scale. The prior deal was negotiated in a pre-streaming era. This one won't be. Expect bidders to value the rights based on subscriber acquisition cost, not linear viewership. That changes the calculus entirely. The outcome matters for franchise valuations across the league. Canadian-based teams (Toronto, Vancouver, Calgary, Edmonton, Winnipeg, Montreal, Ottawa) derive meaningful revenue from regional media splits. A higher national rights fee lifts the entire league's revenue floor — and with it, every team's franchise value multiple. If the new deal holds at $641.7M, valuations stabilize. If it dips, expect pressure on teams already trading below median. If it rises materially, the NHL's valuation gap versus the NBA tightens faster.