After the lockout season in 2004, the 2005 collective bargaining agreement (CBA) introduced salary regulations, as well as revenue sharing, to the teams of the National Hockey League (NHL) with the aim to restore financial competitiveness. Given these objectives, the question arises if efficiencies improved under the new CBA. Using team values as the dependent variable, we performed a stochastic frontier analysis. Our paper suggests that efficiencies immediately improved after the agreement, in particular for low performing teams.