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The tournament featured three rounds of play. The two teams that finish below tenth place in the standings are not eligible for tournament play. In the first round, the first and tenth seeds, the second and ninth seeds, the third seed and eighth seeds, the fourth seed and seventh seeds and the fifth seed and sixth seeds played a modified best-of-three series, where the first team to receive 3 points moves on, with the three highest-seeded winners advancing to the semifinals and the remaining two winners playing in the Four vs. Five matchup. After the opening round every series becomes a single-elimination game. In the semifinals, the highest seed plays the winner of the four vs. five game while the two remaining teams play with the winners advancing to the championship game and the losers advancing to the third place game. The tournament champion receives an automatic bid to the 1998 NCAA Division I Men's Ice Hockey Tournament.
Conference standings
Note: GP = Games played; W = Wins; L = Losses; T = Ties; PTS = Points; GF = Goals For; GA = Goals Against