The Roanoke Valley Rebels ceased operations, and two new teams were added for the season.
[1] The Baltimore Clippers transferred from the American Hockey League, and the Richmond Wildcats were an expansion team.
Both the Richmond Wildcats and Greensboro Generals folded on January 3, 1977 due to financial problems.
[2][3] On January 7, the Tidewater Sharks folded after missing payroll, and the Winston-Salem Polar Twins pulled the Polar Twins out of the league.
Summary of WHA/NHL affiliation agreements: Top 10 SHL points scoring leaders.