For the 1994-1995 IHL season, the league expanded to 17 teams (adding five and subtracting the failed Salt Lake franchise) and introduced a two-conference setup. Each conference (Eastern and Western) had two unbalanced divisions (one had 5 teams, the other 4). In the new conference and divisional alignment the Knights were placed in the Central Division of the Eastern Conference along with Milwaukee, Kansas City, and two expansion teams, the Houston Aeros and Minnesota Moose. Additionally, the Soviet Wings (a team of Russian Air Force all-stars) played one game at each of the 17 IHL teams.

Central Division	GP	W	L	T	Pts	GF	GA	PIM
Milwaukee Admirals	81	44	27	10	98	317	298	1724
Houston Aeros**	81	38	35	8	84	272	283	2305
Atlanta Knights	81	39	37	5	83	279	296	1870
Minnesota Moose**	81	34	35	12	80	271	336	1313
Kansas City Blades	81	35	40	6	76	277	300	1555

Midwest Division	GP	W	L	T	Pts	GF	GA	PIM
Peoria Rivermen	81	51	19	11	113	311	245	1774
Cincinnati Cyclones	81	49	22	10	113	305	272	2125
Fort Wayne Komets	81	34	39	8	76	296	324	1541
Indianapolis Ice	81	32	41	8	72	273	330	1490

Northern Division	GP	W	L	T	Pts	GF	GA	PIM
Detroit Vipers**	81	48	27	6	102	311	273	2331
Michigan K-Wings	81	43	24	14	100	288	249	1633
Chicago Wolves**	81	34	33	14	82	261	306	2223
Cleveland Lumberjacks	81	34	37	10	78	306	339	2157

Southern Division	GP	W	L	T	Pts	GF	GA	PIM
Denver Grizzlies**	81	57	18	6	120	339	235	1618
Las Vegas Thunder	81	46	30	5	97	328	278	2517
Phoenix Roadrunners	81	41	26	14	96	325	310	2174
San Diego Gulls	81	37	36	8	82	268	301	1946
Soviet Wings*	17	1	14	2	4	37	89	270

* Traveling team of Soviet Air Force all-stars: Games counted against IHL standings.
** IHL Expansion Team