The first round of the postseason tournament featured a best-of-three games format. All nine conference teams participated in the tournament as did Mankato State which was slated to join the WCHA as a full member in two years. Teams were seeded No. 1 through No. 9 according to their final conference standing, with a tiebreaker system used to seed teams with an identical number of points accumulated while Mankato State was seeded tenth. The top five seeded teams each earned home ice and hosted one of the lower seeded teams.
The winners of the first round series advanced to the Bradley Center for the WCHA Final Five, the collective name for the quarterfinal, semifinal, and championship rounds. The Final Five uses a single-elimination format. Teams were re-seeded No. 1 through No. 5 according to the final regular season conference standings, with the top three teams automatically advancing to the semifinals and the remaining two playing in a quarterfinal game. The semifinal pitted the top remaining seed against the winner of the quarterfinal game while the two other teams that received byes were matched against one another with the winners advancing to the championship game and the losers meeting in a Third Place contest. The Tournament Champion received an automatic bid to the 1996 NCAA Division I Men's Ice Hockey Tournament.