The Montreal Canadiens won the Stanley Cup, defeating the two-time defending champion Philadelphia Flyers in the final.
The Philadelphia Flyers tied the record set by the 1929–30 Boston Bruins for most consecutive home ice wins, with 20.
HC CSKA Moscow (the "Red Army Club"), defending Soviet champion, played against the New York Rangers, Montreal, Boston and, on January 11, the defending NHL champion, the Philadelphia Flyers, while Krylya Sovetov Moscow ("the Soviet Wings") played against Pittsburgh, Buffalo, Chicago and the New York Islanders.
Under pressure, Emile Francis traded Derek Sanderson to St. Louis and put goaltender Eddie Giacomin on waivers.
Detroit claimed him, and then the blockbuster trade of the year saw the Boston Bruins send superstar center Phil Esposito and star defenceman Carol Vadnais to the New York Rangers for star center Jean Ratelle and superstar defenceman Brad Park.
Trades did not help the Rangers, as they gave up 333 goals against (3rd worst in the NHL) and finished last in the Patrick Division, which cost Emile Francis his job as general manager, and coach Ron Stewart was fired as well.
The Chicago Black Hawks finished as the Smythe Division Champions as the eighth and lowest-remaining seed in the playoffs with 82 points.
The Philadelphia Flyers finished as Clarence Campbell Conference regular season champions and second seed overall with 118 points.
The two-time defending Stanley Cup Champions, the Philadelphia Flyers, once again made it to the finals, but were swept in four games by the Montreal Canadiens.
Note: GP = Games played; G = Goals; A = Assists; Pts = Points Source: NHL.
CBC did not televise any opening round playoff games this postseason, selling those rights back to the individual Canadian teams.
Unable to sign a U.S. national television contract, the league put together a broadcast syndication package called the NHL Network to have games aired on various American independent stations.
On January 4, 1976, CBS decided to televise the Soviet Wings–Buffalo Sabres Super Series game nationally in the U.S., but that was the network's only involvement in broadcasting an NHL team this season.