The last time the world’s greatest hockey players faced off in an international tournament, Canada emerged victorious at the 2004 World Cup of Hockey with a 3-2 victory over Finland in the final game. But the celebration of the fastest game on ice was short-lived, as the NHL began a year-long lockout just one day after Canada’s stirring win.

A year and a half later, the outlook is much more positive. The NHL is once again thriving (the ongoing Rick Tocchet gambling scandal notwithstanding) with increased revenues and attendance. Equally important, the quality of the NHL’s on-ice product has been improved dramatically as a result of some insightful rule changes and a diligent effort to enforce existing restrictions on obstruction and interference. As a result, the Olympic hockey will feel more like an extension of the NHL rather than something NHL fans wished their sport resembled more closely.

Canada is certainly the favorite to win gold in Turin, but a handful teams have a legitimate chance to overtake the defending gold medalists. Here’s a closer look at the 12 participating teams.

GROUP A

CANADA

Canada is the prohibitive favorite to finish first overall in Group A, and with good reason. The talent pool from which they selected their roster is so deep that you could probably call a second team taken from Canada’s castaways a legitimate medal favorite. Goaltender Martin Brodeur has rebounded nicely after a shaky start for the Devils this season, but if he falters, Roberto Luongo is ready to step in. The defense suffered a hit when Scott Niedermayer and Ed Jovanovski went down with injuries, but substitutes Bryan McCabe and Jay Bouwmeester are quite capable. The Canadian offense is the deepest in the tournament, and the only real question mark is whether players accustomed to first-line ice time will be as effective when playing only 15 minutes per game.

CZECH REPUBLIC

Always dangerous in international competition, the 2006 Czech roster will again be a gold medal threat. Vezina Trophy candidate Tomas Vokoun is probably the best option in goal right now, but it’s a safe bet that the Czechs will give Dominik Hasek the first opportunity to take the starting job in what should be his final Olympic games. The underrated Czech defense will also be solid, with puck-rushing defensemen Tomas Kaberle and Marek Zidlicky’s games perfectly suited to the international ice surface (15 feet wider than the NHL rinks). Up front, Rangers forward Jaromir Jagr leads the way, and should get excellent support from the Devils’ Patrik Elias, the Lightning’s Vaclav Prospal, and Avalanche sniper Milan Hejduk.

FINLAND

If Calgary Flames netminder Miikka Kiprusoff had made the trip to Turin, the Finns would be bona fide medal candidates. But without “Kipper” – and without Thrashers rookie Kari Lehtonen as well – goaltending will be Finland’s Achilles’ heel, as expected starter Antero Niittymaki (Philadelphia Flyers) has slipped a bit in recent weeks. That said, the Finnish defense is solid, and the offense, led by Saku Koivu, Olli Jokinen, and Teemu Selanne, should help keep them close in every game.

GERMANY

The Germans should be quite competitive, and though they’re unlikely to last beyond the quarterfinals, they are certainly capable of playing the role of spoiler. Olaf Kolzig just signed a contract extension with the Washington Capitals, and should be relaxed and ready to provide some of the tournament’s best goaltending. On the blue line, the Phoenix Coyotes’ Dennis Seidenberg is a solid puck-moving defenseman, while the San Jose Sharks’ Christian Ehrhoff has a cannon-like shot from the point. Unfortunately, the Germans’ forward corps was depleted somewhat by injuries to Marco Sturm and Jochen Hecht.

SWITZERLAND

Goaltending will be the key for the Swiss team, as anticipated starter Martin Gerber has backstopped Carolina to the top of the NHL standings. If Gerber falters, Colorado Avalanche netminder David Aebischer is a capable substitute. But the Swiss team lacks the offensive firepower and the defensive size and strength needed to reach the playoff round.

ITALY

Rangers fans might vaguely remember the name Jason Muzzatti, who played six games for the Blueshirts in1997-98. The journeyman netminder’s career has taken him to no fewer than seven different leagues, including the NCAA (with Michigan State), the now-defunct IHL (with the Salt Lake Golden Eagles), and the Italian league, where he currently plays for Bolzano HC.

GROUP B

RUSSIA

Watch out for an entirely new-look Russian team in Turin, one that will re-emerge as a world superpower. Goaltender Evgeni Nabokov makes his debut on the international stage, and should serve as an excellent replacement for the injured Nikolai Khabibulin. On the blue line, the Rangers’ Fedor Tyutin and the Canadiens’ Andrei Markov will provide an excellent combination of skill and toughness that the Russians have lacked in recent tournaments. Watch for Penguins forward prospect Evgeni Malkin to excel in the Olympic spotlight; the play making center will serve as the perfect yin to Capitals rookie Alexander Ovechkin’s hard-charging yang.

SWEDEN

For the first time in a long time, the Swedes are expected to receive top-notch goaltending with Rangers rookie Henrik Lundqvist taking over between the pipes, and their defense – anchored by Nicklas Lidstrom, Mattias Ohlund, and Mattias Norstrom – will be among the best in the tournament. However, if Peter Forsberg’s nagging groin injury keeps him out of action, the Swedes (already without Marcus Naslund) will find themselves short on offensive firepower. Their success will therefore hinge upon the performances of young forwards like the Red Wings’ Henrik Zetterberg.

UNITED STATES

This is a liminal period for the Americans, as they gradually phase out the members of the 1996 World Cup championship squad and begin to inject fresh blood into the lineup. In goal the Lightning’s John Grahame was named the starter yesterday, but his recent struggles spell trouble for Peter Laviolette’s squad. The defense is a mix of veterans (Derian Hatcher, Chris Chelios, Brian Rafalski, and Mathieu Schneider) and youngsters (John-Michael Liles and Jordan Leopold), and should be solid if unspectacular. Up front, the Americans are a bit long in the tooth, with aged veterans Mike Modano, Doug Weight, Keith Tkachuk, and Bill Guerin expected to see considerable ice time.

SLOVAKIA

Perhaps the tournament’s most entertaining team to watch, the Slovakian team boasts an incredibly potent offense, a vastly underrated defense, and dark horse goaltending. Their games should be high-scoring affairs, with snipers Marian Hossa, Pavol Demitra, and Marian Gaborik keeping near-constant pressure on the opposition. The hulking Zdeno Chara anchors the defense, while Karol Krizan -currently the finest goaltender in the Swedish Elite League – will likely start in goal.

LATVIA

Only two NHLers – defensemen Karlis Skrastins (Colorado) and Sandis Ozolinsh (Anaheim) – will be suiting up for the Latvians. Ozolinsh has been released from a substance abuse program to play in the Olympics, so it is unclear whether he can be expected to have a major impact. A familiar face will also be suiting for the Latvian team: former NHL netminder Arturs Irbe, who is expected to start between the pipes. He backstopped the Hurricanes to the Stanley Cup Finals in 2002.

KAZAKHSTAN

They did not participate in the 2002 Salt Lake City Games, but seven players remain on the squad from the 1998 Olympics. The top two scorers from Nagano – Alexander Koreshkov and Konstantin Shafranov – are back, and Maple Leafs forward Nikolai Antropov should also make a notable impact. Goaltender Vitaly Kolesnik nearly stole the starting job for the Avalanche earlier this season, and is expected to be the starter in Turin.

Mr. Greenstein is the editor in chief of InsideHockey.com.