Every NHL Team Ranked by Valuation - With a Surprising Drop for the Penguins

Sportico's latest NHL franchise valuations provide a vivid picture of the extent of variance within the league. The average franchise now stands at $2.1 billion and is led by the Toronto Maple Leafs with a valuation of $4.25 billion.

The lowest-valued roster is that of the Columbus Blue Jackets with a valuation of $1.3 billion. The combined valuation of the NHL's 32 franchises stands at $67.1 billion.

For the Pittsburgh Penguins, the list delivers a harsh reality. Ranked No. 23 among NHL teams, the Penguins drop three positions into the bottom of the league's 10.

The valuation of the Penguins nonetheless jumped to $1.7 billion, an increase of 16% this past year over last, demonstrating the overall health of the NHL market even among clubs farther down the list.

Sportico's approach takes into account revenue streams, national and local rights, and equity roles in ancillary businesses to come up with an appropriate fair market value of each franchise.

The Penguins' numbers not only account for the long-time fan appeal of the franchise, but also the demands of having to keep up with big-market clubs.

Slipping to 23rd will not please devotees of one of the NHL's greatest franchises, but the 16% increase in value underscores the fact that Pittsburgh is continuing to grow economically, even if behind the rest of the league.

For a franchise that's based on generations of superstar power and titles, the challenge will be to combine financial power with success on the rink.