1986-87 USHL Standings
| TEAM | W | L | T | OTL | PTS |
| Rochester Mustangs | 37 | 9 | 0 | 2 | 76 |
| Thunder Bay Flyers | 35 | 10 | 1 | 2 | 73 |
| Madison Capitols | 33 | 14 | 0 | 1 | 67 |
| Dubuque Fighting Saints | 25 | 21 | 1 | 1 | 52 |
| Waterloo Black Hawks | 23 | 19 | 0 | 6 | 52 |
| Des Moines Buccaneers | 23 | 20 | 0 | 2 | 48 |
| Sioux City Musketeers | 23 | 23 | 1 | 1 | 48 |
| St. Paul Vulcans | 21 | 22 | 4 | 1 | 47 |
| North Iowa Huskies | 15 | 29 | 1 | 3 | 34 |
| Omaha Lancers | 0 | 46 | 0 | 2 | 2 |
USHL Playoffs
Quarter-finals
Sioux City Musketeers vs. Thunder Bay Flyers
Game 1: Flyers 4 Musketeers 3 (OT) (@ Thunder Bay)
Game 2: Flyers 6 Musketeers 3 (@ Thunder Bay)
Game 3: Flyers 6 Musketeers 4 (@ Sioux City)
Thunder Bay wins best-of-five series 3-0
Semifinals
Madison Capitols vs. Thunder Bay Flyers
Game 1: Capitols 4 Flyers 3 (@ Thunder Bay)
Game 2: Flyers 11 Capitols 6 (@ Thunder Bay)
Game 3: Capitols 2 Flyers 1 (@ Madison)
Game 4: Flyers 4 Capitols 3 (OT) (@ Madison)
Game 5: Capitols 7 Flyers 3 (@ Thunder Bay)
Madison wins best-of-five series 3-2
NOTE: Madison went on to get swept by the Rochester Mustangs in the USHL’s Clark Cup Final.
The Flyers did not compete in the Centennial Cup playdowns.
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