Four of the six founding members of the SHL came from the EHL, including the Charlotte Checkers, Greensboro Generals, Roanoke Valley Rebels, and the Suncoast Suns.
Two expansion teams were added to complete the league, including the Macon Whoopees, and the Winston-Salem Polar Twins.
[1] Six teams began the season, but two did not complete the schedule due to financial trouble.
[2] The Macon Whoopees forfeited a game against Charlotte on January 17, 1974 when players refused to play because of not being paid.
[1] The remaining four teams made the playoffs, with the Roanoke Valley Rebels finishing as James Crockett Cup champions.