Afternoon Edition
The NHL has started 2025 on a great note, but tariffs between the U.S. and Canada could impact the league’s momentum. We explore their impact and what NHL commissioner Gary Bettman had to say.
—Eric Fisher, David Rumsey, and Colin Salao
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No U.S.-based sports entity is more exposed to Canadian turbulence than the NHL, and commissioner Gary Bettman said an ongoing trade war could provide a sizable hit to the league’s recent momentum.
U.S. President Donald Trump imposed 25% import tariffs on Canada this week, prompting a retaliatory measure from Canadian Prime Minister Justin Trudeau. The economic feud continues to fester, particularly as Trump has repeatedly spoken of his desire to make Canada the 51st U.S. state and derisively referred to Trudeau as “Governor”—prompting widespread outcry from Canadians, in and out of sporting venues.
The potential impact to the NHL would be primarily currency-based. The league takes in roughly a quarter of its overall revenues in Canadian dollars, largely through the presence of seven franchises in the country, but every player is paid in U.S. dollars. The exchange rate, as a result, is critical for the NHL, and on Thursday, a Canadian dollar was worth just under 70 U.S. cents, roughly on par with a 10-year low.
“If the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful,” Bettman said on CNBC. “We have revenue sharing, but a lot of our Canadian clubs do quite well, but that’s going to be impacted by what happens with the Canadian dollar. We’re hoping this is a moment in time, and both countries find a way to work through this.”
The tariff and currency situations contrast sharply against the NHL’s wave of growth. The league entered the 2024–2025 season expecting big things, and those hopes have been realized—and then some. The 4 Nations Face-Off was a runaway hit, the recent Stadium Series outdoor game in Columbus drew historic totals both in person and on television, overall attendance and revenue stand at or near record levels, and the GR8 Chase by the Capitals’ Alexander Ovechkin is moving closer to history. More than $7 billion in mixed-currency revenue is expected this season.
“Our attendance is as strong as it’s ever been, our engagement with business partners is the highest it’s ever been, our clubs are executing their business plans, and their connectivity with fans is better than ever before,” Bettman said. “We’re in a good place, because the game has never been better.”
The Canada-U.S. tensions, meanwhile, are also significantly heightening the unease around Canadian hero Wayne Gretzky. The NHL’s all-time goal scorer, who Ovechkin is now chasing, became a national icon in the 1980s and 1990s by rewriting the NHL’s record book.
Now living in the U.S. and a naturalized American citizen, Gretzky has been close to Trump, including attending an election victory party at Mar-a-Lago and the inauguration in January. He has not spoken out about the recent tariff and sovereignty broadsides from Trump, and Canadians are growing increasingly restless about it—with widespread criticisms of Gretzky in Canadian newspapers and sports-talk radio.
The pressure will only increase as he is expected to travel with Bettman to Capitals games as Ovechkin nears the goals record. Ontario Premier Doug Ford, however, came to Gretzky’s defense this week, even as he has announced a series of retaliatory actions against the tariffs.
“He never gave up his Canadian passport. So folks, give the guy a break. Just give him a break,” Ford said of Gretzky. “He loves Canada. He loves it like no tomorrow.”
FRONT OFFICE SPORTS LIVE
On Wednesday, FOS reporter Amanda Christovich sat down with leaders from various conferences as well as power players in NIL (name, image, and likeness) and heard directly from athletic departments about the changing landscape of college sports.
Future of Sports: Sea Change in College Sports is a three-part virtual event where we discussed the changes in NIL, conference realignment, and the new rules of recruiting.
Watch it on demand now.
Interested in seeing what other Future of Sports virtual events are on the horizon? Check them out here.
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The Browns keep kicking the can down the road, as the NFL franchise attempts to weather the financial impediments of the record contract they gave quarterback Deshaun Watson in 2022.
Watson, who is currently rehabbing from a second Achilles surgery in January that was first torn in October, has two seasons remaining on his five-year, $230 million deal—the most lucrative guaranteed contract in NFL history. On Thursday, Cleveland restructured the contract to free up $35.79 million of 2025 salary-cap commitments (all figures via Spotrac).
The Browns are one of several teams that need to get under the $279.2 million cap figure by March 12. After the Watson restructuring, Cleveland now has $12.8 million of cap space, so even more moves will likely be coming.
By converting most of Watson’s $46 million 2025 salary to a signing bonus, the Browns lowered his cap hit this year to $36.9 million—but raised his 2026 number to $81.6 million. His dead-cap hit—how much Cleveland would be on the hook for if they cut him—is $172.3 million this year and $135.4 million in 2026.
That number will be $53.7 million in 2027, when Watson won’t be on the team anymore and the Browns won’t be able to restructure his cap hits. Cleveland could shift some of the $81.6 million cap hit in 2026 to 2027.
The issues for the Browns run deeper than Watson.
Cleveland owns the No. 2 pick in April’s NFL Draft, which would often be a great chance to select a promising quarterback who plays on a team-friendly rookie contract. However, this year’s class is notably weaker than in previous years, with many experts noting that top prospects Cam Ward and Shedeur Sanders would likely not be top-10 picks in other drafts.
Meanwhile, Browns All-Pro pass rusher Myles Garrett continues to seek a trade, remaining unhappy with the team’s on-field potential. However, Browns coach Kevin Stefanski and GM Andrew Berry, who both signed contract extensions in June 2024, have said they want to keep Garrett and don’t intend on moving the franchise player.
FOS illustration
The On brand began by gluing pieces of garden hose to the bottom of a sneaker. The Swiss-born company is now a global shoe and apparel brand that has deals with Roger Federer and Zendaya and just ran its first Super Bowl commercial. Co-founder David Allemann talked to FOS editor-in-chief Dan Roberts about On Holding AG’s explosive growth, the “casual running” boom, and the effects of U.S. President Donald Trump’s tariffs on the business. You can watch the full interview here.
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The Miami Hurricanes have found their new head coach.
The Hurricanes have hired Jai Lucas to be the next head coach of their men’s basketball program, the school announced Tuesday. Lucas is currently the associate head coach at Duke and has helped the No. 2 Blue Devils achieve a 27–3 record this season.
The financial details of the deal have not been disclosed, but ESPN reported the 36-year-old will sign a five-year contract. ESPN first reported that the two sides had reached a verbal agreement on Feb. 23.
Lucas joined Duke in 2022 alongside head coach Jon Scheyer, who took over for Mike Krzyzewski. He was vital in the Blue Devils’ recruitment of this year’s Wooden Award favorite Cooper Flagg, the No. 1 recruit in the 2024 class, as well as the incoming 2025 class headlined by twin brothers Cameron and Cayden Boozer.
Lucas will remain with the Blue Devils until the end of the regular season—the team has one final game Saturday against North Carolina—before Miami formally introduces him as head coach March 10. He will not be with Duke during their run in the ACC tournament or NCAA tournament.
Lucas takes over in Miami for Jim Larrañaga, who stepped down in December after more than 13 seasons as head coach. Larrañaga is the winningest coach in program history, and he led the Hurricanes to the Final Four in 2023—the deepest run in school history—but also the last time they made the tournament.
Larrañaga said in December that he was “exhausted” because of how NIL (name, image, and likeness) has resulted in more roster turnover in the NCAA.
“What shocked me beyond belief, was after we made the Final Four, eight of my players said they were gonna leave,” he said.
The Hurricanes have had two losing seasons since making the Final Four, including a 6–24 record this season. This year’s team will finish with the worst winning percentage in program history, regardless of the result of its final game Saturday against NC State, and will miss the ACC tournament.
However, Miami has shown a willingness to spend in the NIL era—particularly on its football program, which On3 reported last year had a $15 million budget. The hiring of Lucas indicates the team’s dedication to turning around its men’s basketball program as well.
In an interview with Hurricanes broadcaster Joe Zagacki, Lucas pointed out his focus on recruiting both in his staff and players.
“I want to be the most connected program in the country. Making sure I recruit ‘connectors’ is what I like to call them,” Lucas said. “Three things that we really are valuing in my program are relationships, development, and competition.”
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Dan Lanning ⬆ Oregon has agreed to extend its football coach through 2030, with Lanning’s new contract paying him nearly $11 million annually, according to ESPN.
Women’s boxing ⬆ A third fight between Katie Taylor and Amanda Serrano will headline Netflix’s second live boxing event July 11. The streamer said November’s bout between the duo—an undercard to the Jake Paul–Mike Tyson fight—drew an average minute audience of 47 million in the U.S., becoming the most-watched women’s sports event of all time in that country, and 74 million globally.
Fanatics ⬆ The company most known as a merchandise retailer is continuing its expansion in other sports-adjacent sectors. Fanatics announced Thursday that it is teaming up with Ticketmaster to allow tickets to be listed on the Fanatics app. In the last few years, the company has expanded its collectibles offerings and launched Fanatics Sportsbook.
Everton ⬆ The Premier League club has agreed to a long-term financing deal worth $451 million for a new stadium on Liverpool’s waterfront. The Friedkin Group, Everton’s U.S.-based owner that agreed to buy the club in September, said it received funding from a “consortium of blue-chip institutional lenders.”
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