USHL Standings
North Division
| TEAM | GP | W | L | T | PTS |
| Thunder Bay Twins | 48 | 35 | 12 | 1 | 71 |
| Marquette Iron Rangers | 48 | 23 | 25 | 0 | 46 |
| Green Bay Bobcats | 48 | 18 | 28 | 2 | 38 |
| Calumet Copper Chiefs | 48 | 15 | 32 | 1 | 31 |
South Division
| TEAM | GP | W | L | T | PTS |
| Madison Blues | 48 | 32 | 14 | 2 | 66 |
| Waterloo Black Hawks | 48 | 29 | 18 | 1 | 59 |
| Chicago Warriors | 48 | 25 | 23 | 0 | 50 |
| Sioux City Musketeers | 48 | 23 | 24 | 1 | 47 |
| Milwaukee Admirals | 48 | 11 | 35 | 2 | 24 |
Leading scorers
| PLAYER | TEAM | GP | G | A | PTS |
| Barry Hogan | Twins | 47 | 47 | 56 | 103 |
| Phil Whitliff | Admirals | 48 | 46 | 47 | 93 |
| Gary Purpur | Blues | N/A | 34 | 58 | 92 |
| Bob Purpur | Blues | N/A | 25 | 64 | 89 |
| Dan Tremblay | Blues | 47 | 37 | 49 | 86 |
| Cliff Purpur | Blues | N/A | 35 | 44 | 79 |
| Steve Carlson | Iron Rangers | 42 | 34 | 45 | 79 |
| Jack Carlson | Iron Rangers | 55 | 42 | 30 | 72 |
| Dick Purpur | Blues | N/A | 39 | 31 | 70 |
| Jack Byerley | Twins | 39 | 34 | 35 | 69 |
| Rich Cramp | Warriors | 42 | 34 | 35 | 69 |
| Ed Chestolowski | Bobcats | N/A | 24 | 42 | 66 |
| Brian DePiero | Twins | 46 | 31 | 33 | 64 |
| Dave Bragnalo | Twins | N/A | 18 | 46 | 64 |
| Tom Deacon | Twins | 46 | 23 | 40 | 63 |
| Chuck Kelner | Twins | 42 | 30 | 32 | 62 |
All-Star Game
January 22, 1974 @ Thunder Bay
Thunder Bay Twins 5 USHL All-Stars 3
USHL semifinal
Marquette Iron Rangers vs. Thunder Bay Twins
Game 1: Iron Rangers 2 Twins 2 (OT) (@ Marquette)
Game 2: Twins 6 Iron Rangers 3 (@ Thunder Bay)
Game 3: Twins 7 Iron Rangers 1 (@ Thunder Bay)
Thunder Bay wins 4-point series 5-1
USHL Final
Thunder Bay Twins vs. Waterloo Black Hawks
Game 1: Twins 5 Black Hawks 3 (@ Waterloo)
Game 2: Twins 8 Black Hawks 5 (@ Waterloo)
Game 3: Twins 9 Black Hawks 1 (@ Thunder Bay)
Thunder Bay wins best-of-five series 3-0
April 7, 1974: Twins take opener of USHL final
April 8, 1974: Thunder Bay goes up 2–0 on Waterloo
April 14, 1974: Twins win USHL again
Allan Cup eastern semifinal
St. John’s Capitals vs. Thunder Bay Twins
Game 1: Twins 4 Capitals 3 (@ Thunder Bay)
Game 2: Twins 9 Capitals 1 (@ Thunder Bay)
Game 3: Twins 9 Capitals 1 (@ Thunder Bay)
Thunder Bay wins best-of-five series 3-0
Allan Cup eastern final
Barrie Flyers vs. Thunder Bay Twins
Game 1: Flyers 2 Twins 1 (OT) (@ Barrie)
Game 2: Flyers 7 Twins 4 (@ Barrie)
Game 3: Flyers 2 Twins 1 (@ Barrie)
Barrie wins best-of-five series 3-0
NOTE: The Flyers went on to win the Allan Cup, in six games, over the Cranbrook Royals.