David Staples of Canwest News Services has a nice article about how the NHL will have to deal with the worldwide economic crisis. Staples looks at the problems ahead and how the league may handle them.
I don't need to tell you that these are scary times, drawing many comparisons to the Great Depression of the 1930s.
Staples gives a nice history lesson of hockey's troubles during the Great Depression as well. He explains how the NHL moved it's small Canadian market teams to the United States in the 1920s, then saw the league contract by 40% by 1942.
Staples explains how Gary Bettman's cost certainty salary cap should save the NHL this time around, although there will be some major hurdles.
Players will certainly have to take some of the brunt. I'm not economic major, but one would have to think that salary cap will come down next year.
It will also be interesting to see how the balance of power might shift in the NHL. A significant decrease in the cap could see teams loaded down with long term contracts scrambling to dump players. Teams also might want to hold off on signing long term right now, keeping all money free until the cap number is finalized next June.