Okay. Some references listed:
A)The really obvious
-The two warriors' color scheme reflect the Montreal Canadiens and Boston Bruins. (Silver-blue armor vs goldish armor, and red vs black tunic)
-The cloak on the leftmost warrior, DUH.
-The bear pelt on the rightmost warrior.
B)Stuff littering the ground.
-The Senators' helm is at the bottom left.
-It rests on a second Habs-colored cloak as a nod to last year's playoffs.
-One of Buffalo's sabres is in the grass, broken.
-A burning maple leaf drifting on the wind.
-The Ranger's shield is at the bottom right
B)The four swords
-The guard of each sword reflect the four team that made the playoffs in the Atlantic division this year.
-The leftmost sword has a lightning shaped guard. It's driven into the ground as a result of Montreal beating them.
-The Habs sword guard is patterned after the C in the Habs logo.
-The Bruins sword guard is patterned after the spoke wheel of the Bruins logo.
-The rightmost sword guard is patterned after the wheel-and-wing of the Red Wings logo. Driven into the ground, again, as a result of R1.
-The pummel of the rightmost sword is octopus-shaped.
D)Other decorative elements
-Nidhogg (the serpent)'s tail forms the pointy tail of the Devil's logo.
-Nidhogg's head, while hard to make out because of distance and size, is patterned on the Flames' alternate logo.
-The trunk of Yggdrasil is Stanley Cup-shaped.
-The branches of Yggdrasil represent the playoffs (sixteen branches, then eight, then four, then two).
-The Black Hawks, as reigning champions, have their feathers on top of the mead hall.
-The LA Kings' crown rest atop the Lightning sword, in tribute to Montreals last Stanley Cup win against Los Angeles.
(Sadly I couldn't fit an orca in the picture to do the same for Boston)
E)The really obscure stuff.
-The veins of the maple leaf spell out 1967, the Leafs' last cup.
-The 33 runes on the stone, M and B (in short-twig younger futhark, to be exact), tracking past playoff results between Montreal and Boston.
-The stars in the top-left, between Yggdrasil and the mountains form the roman numeral IX - 9, Maurice Richard's jersey number.