What happened: Gary Bettman said the league and the Friedkin family have agreed to a $3.5 billion total investment fee, which would also Bettman framed the figure as the cost of entry if the group moves forward. He set roughly a six-month window to determine whether the project is a go.

Why it matters: A franchise in Houston or Austin would push the NHL deeper into Texas beyond Dallas and open one of the largest untapped U.S. markets to the league. The $3.5 billion commitment, tied to the same Friedkin-led Texas expansion push, signals how steep the price of a new seat at the table has become. The arena-build condition also makes the deal contingent on infrastructure, not just the entry fee.

What to watch: Watch the roughly six-month evaluation period for a go/no-go decision and for clarity on whether Houston or Austin emerges as the preferred market.