The NHL had to be feeling great Monday morning. Sunday’s All-Star game, a wide-open offensive celebration, saw its first overtime game since 2003, with Alexei Kovalev of the Canadians getting two huge goals in regulation, and then one in the shootout to give the East a 12-11 win over the West.

The game’s excitement was an extension of the sunny outlook from the league. As television popularity continues to increase, and sponsors continue to get on-board (the NHL activated $10 million in sponsorship dollars alone for the ASG), the NHL would appear to be rising above its larger Big-4 brothers, in some senses, as the NFL, NBA, and MLB deal with the downturn in the economy.

The All-Star Game seemed to add more zing to the NHL’s increasing popularity coming off the Outdoor Winter Classic game between the Red Wings and Blackhawks on New Year’s Day from historic Wrigley Field in Chicago.

Yes, the NHL is touting a slight increase in revenues this year, which flies in the face of the recession gripping the U.S. and Canada, and the NHLPA reps, seeing how the economy has gripped the sports world, wisely voted 30-0 late last week to extend the current CBA through 2010-11 when the current CBA will expire.

Yes,things seem great for the NHL at the moment... And yet, there are signs that beyond the rosy view, there are clouds within certain quarters of the league.

On the same day that the NHL player reps voted to not opt out of the CBA, they also decided to increase escrow payments from the current 13.5 percent to as possibly 25 percent for the remained of the season. The players have been setting aside their salaries into the escrow fund in case league revenues as part of the salary cap. The last two seasons, the players have received their funds out of escrow, but this year, with league revenues slowing to approx. 2 percent, players will most likely not see their full salary.

There also warning signs with more than one team in the U.S. While the Canadian teams remain the most robust, stateside it’s been a whole other story.

The Phoenix Coyotes are hemorrhaging money, and expect to lose $30 million this season after reportedly losing $60 million over the course of the past two seasons. To add insult to injury, Phoenix will not receive all their revenue sharing due to a 25 percent penalty for not hitting certain attendance and revenue marks. The penalty means that instead of the Coyotes receiving $25 million in revenue sharing, the figure is more likely to be $10.5 million. The Coyotes are trying to restructure their lease with the city of Glendale for Jobing.com Arena. Glendale covered $180 million of the $220 million price tag, but in return, key revenues, such as parking, are controlled by the city. Instead of collecting parking revenues, the Coyotes are actually paying a surcharge of $2.70 per vehicle. This while Coyotes owner Jerry Moyes struggles to find investors.

To the east, the Nashville Predators are seeing similar problems, as well. In danger of not meeting revenue-sharing attendance thresholds, David Freeman and the other owners of the Predators may purchase thousands of unsold tickets to allow them to collect their full revenue-sharing check. This while Canadian billionaire Jim Balsillie has looked to purchase the team with the transparent intent of moving it to Toronto/Southern Ontario. While Balsillie has gone so far as to take advance deposits in Hamilton, Ontario, the expected destination for Balsillie, Commissioner Gary Bettman made it clear that Balsillie would not have a monopoly on the Predators citing 75 percent owner approval for an ownership transfer, and a majority for relocation. He also sent a clear message that others could be in play. "No one has a divine right to that franchise (in southern Ontario)," Bettman said during a press conference on Saturday before the All-Star Game.

But, as mentioned, the NHL does have marks that show that in many areas they are growing as an industry. Whether that is the benefit of coming out of a work stoppage that nearly dropped the NHL in its tracks, or not, the fact is, corrections in the past are paying dividends in the face of the gloomy economic news. As they say, you are only as strong as your weakest link, and the NHL certainly needs to address franchises such as Phoenix and Nashville. Unless the plan is to move the bulk of the league into Canada with only stable stateside teams like the Red Wings, Bruins, and Blackhawks holding down the fort in the U.S., small-to-mid markets will need tending to. As the second half of the season begins, the NHL is that perfect example of the glass being either half empty, or half full.

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