The tournament featured three rounds of play with an additional play-in game with each round being a single-elimination game. The teams that finish eighth and ninth in the conference play a single play-in game to determine the final qualifier to the tournament. In the first round, the first seed and play-in victor, the second and seventh seeds, the third seed and sixth seeds, and the fourth seed and fifth seeds played with the winners advancing to the semifinals. In the semifinals, the highest and lowest seeds and second highest and second lowest seeds play with the winners advancing to the championship game and the losers meeting in a consolation game. The tournament champion receives an automatic bid to the 1995 NCAA Division I Men's Ice Hockey Tournament.
Conference standings
Note: GP = Games played; W = Wins; L = Losses; T = Ties; SW = Shootout Wins; PTS = Points; GF = Goals For; GA = Goals Against
