The NHL season has reached the halfway mark. Some teams who started strong have fallen apart (hello, Boston), others have had their fortunes altered by injuries (hello, Pittsburgh) and another continues to win despite a financial disaster (hello, Ottawa). There's no doubt the drama will continue to unfold all the way down the stretch.
To wit, their grades at the midway point:
Atlanta Thrashers (11-24-2-4)

They've added an elite goaltender (Byron Dafoe) and subtracted a coach (Curt Fraser), but the club is still mired in the Eastern Conference basement with Buffalo. Yes, they have great talent at forward (Ilya Kovalchuk and Dany Heatley chief among them). It's just too bad they can't play all their games against their own division. Heading into the weekend, they were 5-4-1-3 against the Southeast. Kovalchuk had 14 goals in 13 games against the division foes and of his 37 points, 21 were against them. Dafoe struggled after he was signed because he missed so much time and then wound up with a groin injury but if he can stay healthy, he'll make a big difference down the stretch although the playoffs aren't in their future until maybe next year.
Boston Bruins (21-14-4-1)

What a collapse. Sure, they've lost Sergei Samsonov until at least mid-March, but they didn't have him early in the year and were winning. There is just no way to explain what has happened to this club, which was at the top of the conference at the quarter pole. They had only three losses in their first 19. In their last 21, they've got 11. Their goaltending, which was so strong early, has faltered. They have given up 50 goals over the last 13 games after surrendering just 59 in the first 27. The defense has been erratic, the netminding has been spotty at best and the forwards have relied far too much on Joe Thornton and Glen Murray to put points on the board. During the first quarter, their confidence level was sky high. Since the beginning of December, there's been little reason for confidence. It appeared they had a chance to repeat as the Eastern Conference champions, but lately it appears they're more likely going to struggle to make the playoffs. A very confounding situation.
Buffalo Sabres (10-23-5-2)

Ownership problems, scoring problems, defensive problems. All kinds of problems. You know it's bad when going into the weekend, you have fewer points than Atlanta. If there's good news, it's that the Sabres -- who had just three victories in their first 18 games -- are winning more. In their last 22 games, they have 7 victories, 12 losses, 2 ties and 1 overtime loss. Improvement? A little bit. The ownership situation appears to be on the brink of resolution, which can only help the club. But the Sabres don't get nearly enough out of many of their players. Is that a coaching problem, a players' problem, a general manager's problem? Probably all of the above but so far, they're far from being fixed.
Carolina Hurricanes (16-17-6-3)

Last year's conference champions look far too much like chumps lately. Heading into the weekend, the club had lost 10 of their last 16 games. In that span, they gave up the first goal in 14 of them. For all intents and purposes, Jan Hlavac has been a bust. His six goals have all come on the power play. They miss the grit-and-clutch ability of Martin Gelinas, they're too thin on defense -- in part because of the absence of Bret Hedican due to postconcussion syndrome -- and their goaltenders haven't been good enough. They've got one of the best coaches in the game in Paul Maurice, but he's been tearing his hair out lately, trying to get his squad on track. For this team to be under .500 at any point in the season is just unacceptable.
Florida Panthers (12-12-9-8)

You either like Mike Keenan or loathe him, but you can't argue with his results. Keenan is a master at pushing players' buttons, whether they want him to or not. For this young team, which is embryonic by NHL standards, to be where it is can't be described as anything but remarkable. Keenan, who had a profound effect in his short time with Bruins' captain Joe Thornton, has made a player out of Olli Jokinen. He was a huge disappointment in his first five years, but has blossomed under Iron Mike. The club hangs in there game after game. They lead the NHL in overtime games with 20 and are 3-8-9 in them. It's unlikely they'll make the playoffs but few can argue that they're going in the right direction.
Montreal Canadiens (17-16-5-4)

Coach Michel Therrien and general manager Andre Savard should think about switching to decaf. Their antics after their loss to the Devils were embarrassing and foolish. Savard reportedly told referee Kerry Fraser that his non goaltender interference call on the Devils' winning goal was going to cost the club millions and millions of dollars (i.e. a playoff appearance). Please. What they should be worried about is the fact they've allowed more shots than any other team in the league and only three teams have given up more goals. Their penalty killing, which was fourth last year, is 27th this year. The Habs have a lot more important things to worry about than one referee's call.
New Jersey Devils (22-12-2-3)

They don't score a lot -- only 92 goals in 39 games, which is the second lowest in the Conference behind Buffalo's 89. However, they don't give up many either -- just 79, which is the league's lowest. They have arguably the best netminder in the game in Martin Brodeur. They also have an excellent leader in veteran defenseman Scott Stevens. First-year coach Pat Burns, who is a three-time winner of the Jack Adams Trophy as coach of the year, has done a solid job with his personnel. He had a meltdown not long ago over criticism that his team's style was boring and that's why fans weren't flocking to the Meadowlands, with even some players quoted as saying they would like to play a little more wide open. But they're in a position to challenge for the conference championship. What can be wrong with that?
New York Islanders (18-17-5-1)

Will the real Islanders please stand up? Last year, the club started off like gang busters under first-year coach Peter Laviolette. Then, the team stumbled before getting back on its feet. In the playoffs, they had a memorable -- and costly -- series against Toronto before bowing out. This year, they started off terribly, earning only seven victories in their first 20 games. Since then, the Islanders have gone 11-6-3-1, which coincides with the return of captain Michael Peca to the lineup. The goaltending, which had general manager Mike Milbury in fits earlier this season, has stabilized. The club is 6-1-0-1 in its last eight contests. Now, if they could just get a little more protection for star forward Alexei Yashin. They're going to have to keep their winning ways going in the second half if they're going to even have a shot at avenging last spring.
New York Rangers (16-22-6-1)

One publication referred to this club as the worst team money could buy. Ouch. Injuries have taken their toll and reports are that coach Bryan Trottier is on the hot seat, but the bottom line is that they've underperformed, which has turned into an annual event. They're in real danger of missing the postseason for a franchise-record sixth year. Frightening. For captain Mark Messier, it must seem like a hundred years ago that he led the Broadway Blueshirts to their first Stanley Cup since 1940. But it was only 1994. Maybe general manager Glen Sather will do this summer what he should've done a long time ago -- gut it and start over. But will he have any takers for his high-priced talent? That is the question.
Ottawa Senators (26-10-5-1)

The team missed payroll and subsequently filed for bankruptcy protection, but, astonishingly, it hasn't affected the way the Senators are playing. The team was just 9-6-2-0 at the quarter mark and has gone 17-4-3-1 since then. If people were oohing and ahhing over the Bruins and Flyers earlier this year, now it's the Senators who are blowing people and opponents away. They've scored 139 goals -- the most in the NHL -- and have given up 94. Only three other teams have surrendered fewer. They skate, they score, they have strong goaltending in Patrick Lalime, who had three shutouts going into the weekend, and they have excellent coaching in Jacques Martin. The perennial question is will all their regular season success translate into playoff wins? So far, the answer has been not yet.
Philadelphia Flyers (22-10-8-1)

At the end of the calendar year, there were question marks about the club's goaltending and scoring and well, winning. Lately, no one is questioning much about the Flyers. They've won five in a row heading into the weekend -- giving up just 17 goals in that span -- and have been consistent in nearly every facet of the game despite missing John LeClair. Jeremy Roenick has been a force and they're playing outstanding defense. After scoring only 24 goals in 13 games in December, the Flyers have turned on the jets. Now, they're saying their goal is to catch Ottawa.
Pittsburgh Penguins (17-17-3-5)

If it weren't for bad luck, the Penguins would have none at all. They weren't a great team earlier in the year, but their power play was on a record pace and was winning them games. Now, four-fifths of the top unit has missed time, with Alexei Kovalev the only able to stay healthy. Injuries have wracked the club and knocked out even star and owner Mario Lemieux. The latest casualty is goaltender Johan Hedberg, who is out with a broken collarbone.
Tampa Bay Lightning (18-15-5-4)

This club was a revelation in October, finishing the month with a 7-1-2 mark. They've obviously come back to the pack since, but there's still a lot to like about this team. They have one of the best netminders in the league in Nikolai Khabibulin. Martin St. Louis is having a breakthrough season and Vincent Lecavalier is enjoying hockey again, which is something that had been missing for him last year. Veteran Dave Andreychuk continues to be the glue that holds the team together and center Tim Taylor is another valuable contributor both on and off the ice.
Toronto Maple Leafs (22-15-4-1)

Despite being riddled with injuries to key players, the Maple Leafs have had others step up to the plate, helping the team earn at least one point in 13 straight games heading into the weekend. The most critical performance has come from goaltender Ed Belfour. When he signed as a free agent last summer, replacing popular Curtis Joseph, he promised that he wouldn't disappoint the Toronto faithful. He's certainly lived up to his word. When they get everybody back healthy, this should be a frightening team to face down the stretch.
Washington Capitals (18-16-5-2)

Hard to believe a team with Jaromir Jagr is having such a problem keeping its head above water. They're paying him a fortune but Jagr is hardly having a superstar-type season. In 40 games, he had just 18 goals and 18 assists. Not bad for some, but subpar for Jagr. Robert Lang, who was signed for $5 million a year to spark Jagr, has just 28 points in 41 games. Peter Bondra has 15 goals in 35 games. In their last 10 contests, the Capitals have made a run by earning at least a point in each (5-0-2-3). Interestingly, they've scored 26 goals in that span but Jagr (3), Bondra (4) and Lang (2) have accounted for just nine. If this club is going anywhere, their big guns are going to have to be better.
Nancy Marrapese-Burrell of the Boston Globe is a regular contributor to ESPN.com.