The tournament featured three rounds of play with each matchup being a single-elimination game. The team that finishes in seventh place is ineligible for tournament play. In the first round, the third seed and sixth seeds, and the fourth seed and fifth seeds played with the winner advancing to the semifinals. In the semifinals, the first seed and lowest remaining quarterfinalist and second seed and highest remaining quarterfinalist each play a game with the winners advancing to the championship game. The tournament champion receives an automatic bid to the 1987 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