The tournament featured four rounds of play. The two teams that finish below tenth place in the standings are not eligible for tournament play. In the preliminary round, the seventh and tenth seeds and the eighth and ninth seeds each play a single game to determine the final qualifying teams for the quarterfinals. In the quarterfinals the first seed and lower ranked qualifier, the second and higher ranked qualifier, the third seed and sixth seed and the fourth seed and fifth seed played a modified best-of-three series, where the first team to receive 3 points moves on. After the opening round every series becomes a single-elimination game. In the semifinals, the highest seed plays the lowest remaining seed 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 1995 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