1. New England Whalers 2. Orlando Orcas 3. Birmingham Bulls 4. Quebec Nordiques 5. Virginia Patriots
Central Division
1. Chicago Cougars 2. Indianapolis Racers 3. Memphis Riverboats 4. Nashville Nighthawks 5. Cleveland Crusaders 6. Cincinnati Stingers
Western Conference
Midwest Division
1. Minnesota Fighting Saints 2. Winnipeg Jets 3. Houston Aeros 4. Kansas City Blades 5. Milwaukee Admirals 6. San Antonio Iguanas
Pacific Division
1. Phoenix Roadrunners 2. Calgary Cowboys 3. Edmonton Oilers 4. Portland Timbers 5. San Diego Mariners 6. Sacramento Gold Miners
1992 Playoffs
First Round
1 New England over 8 Quebec 4-0 5 Indianapolis over 4 Birmingham 4-1 2 Chicago over 7 Nashville 4-0 6 Memphis over 3 Orlando 4-2 1 Minnesota over 8 Milwaukee 4-3 5 Edmonton over 4 Calgary 4-0 2 Phoenix over 7 Kansas City 4-1 6 Houston over 3 Winnipeg 4-3
Second Round
5 Indianapolis over 1 New England 4-3 2 Chicago over 6 Memphis 4-1 5 Edmonton over 1 Minnesota 4-1 2 Phoenix over 6 Houston 4-0
Conference Finals
2 Chicago over 5 Indianapolis 4-2 2 Phoenix over 5 Edmonton 4-3
AVCO Cup Finals
Game 1: CHICAGO 7 Phoenix 2 (16,008) Game 2: Phoenix 3 CHICAGO 0 (16,008) Game 3: PHOENIX 4 Chicago 3 OT (13,200) Game 4: PHOENIX 7 Chicago 4 (13,200) Game 5: CHICAGO 3 Phoenix 1 (16,008) Game 6: Chicago 4 PHOENIX 2 (13,200) Game 7: CHICAGO 6 Phoenix 5 OT (16,008) Cougars finally win the cup.