Changes in the National Hockey League (NHL) since the lost 2004-2005 season have led to speculation about the feasibility of smaller market teams under the new structure. Recently, the NHL announced the move of the Atlanta Thrashers to Winnipeg to resurrect the Jets franchise lost in 1996. But is there any evidence that small market teams can survive where they were previously unviable? The authors address this question using data for the seasons since the structural changes. The results suggest that the Winnipeg move is likely to be successful and that other small markets may be viable under the current setup.