NHL regular season OT:
- 3-on-3 sudden death play for 5-minutes, followed by shootout in case no one scores
NHL postseason OT:
- 5-in-5 sudden death play for 20-minutes, on repeat until someone scores
Olympics GOLD MEDAL OT (differs from previous rounds):
- 3-on-3 sudden death play for 20-minutes, on repeat until someone scores
My understanding is there are shootout possibilities prior to the gold medal game.
However, in the NHL, most hockey fans despise the shootout and are not huge fans of the 3-on-3. That's why teams each get a point if they end 3-periods with a tie. The weird OT decides who gets that second point, sure, but most hockey fans are relieved to leave with a point in "normal" hockey - also strongly preferring postseason rules, but understanding that the league wants the games to end.
The Olympics, yes I think they just need the games to end, but it is unsatisfying to change the format to 3-on-3 like that for the same reasons that most NHL fans complain about. It's not the same sport at that point, it changes far too much. By the way, in NHL 3-on-3, you get a lot of heavy puck possession antics, probably driven by the idea that the shootout is coming and you want either a sure thing or to go to the shootout. The Olympics 3-on-3 didn't seem to have that aspect, there was a lot more aggressive play which was interesting, although it nicely played into the USA's hands a bit when Werenski was able to knock Mackinnon off the puck and slide it over to Jack Hughes.
Also interesting that Mackinnon makes his big statement afterwards, but he is kind of the goat of the game in that play and missing a wide open shot. So, uh, no - the score would tell us who the better team was.