Henrik Lundqvist is an All-Star. Of course he is. Just look at him. And just imagine where the Rangers would be without him this season. You either don’t want to or you can’t.

But it may not necessarily follow that the King will be part of the NHL’s All-Star festivities in Nashville later this month, not if Lundqvist’s selection to the Metropolitan Division’s three-on-three squad would come at the exclusion of the Devils’ Cory Schneider.

It seemed like a joke through November when Lundqvist kept repeating a variation of, “They haven’t picked the goalies yet,” whenever he’d be asked for his take on the format change. But it sure isn’t now.

Each division will be represented by two goaltenders in the mini-tournament on the final day of this month that will be the final act in a weekend of country revelry.

(RIVALRY DAY: METROPOLITAN, PACIFIC DIVISIONS TAKE LONGTIME HATRED ONTO ICE!)

Braden Holtby, the Capitals’ netminder who is leading the league in just about every important statistical category in establishing himself as the leading contender for the Vezina, is a lock for one of the Metro’s goaltending spots that will be announced Wednesday.

Then, the second spot becomes a choice between Lundqvist and Schneider, the latter of whom is every bit as valuable to his team as Lundqvist is to his, and, in fact, with better numbers.

Among the 27 NHL goaltenders with at least 20 starts through Friday, Schneider ranked fifth with a 2.10 goals against average while Lundqvist was 17th at 2.49, Holtby leading at 1.86. And in save percentage., Schneider’s .927 was second in the league to Holtby’s .934, with Lundqvist 11th at .921.

Schneider is the kind of low-profile athlete playing for a low-profile team who is easy to ignore, but that doesn’t make it right. There is no doubt about the divide in wattage of star power between Lundqvist and Schneider, and there is no doubt that, first and foremost, the All-Star weekend is a promotional and marketing tool for the NHL, but there certainly is doubt that Lundqvist has more of a claim to a spot for Team Metro than Schneider.

Of course, it likely would be more beneficial for both men — and for both the Rangers and Devils — to spend the break on the beach in advance of the rest of the grinding playoff race than in nets facing a plethora of three-on-one’s (or none’s) at whatever speed, each one posing a threat of a hamstring or groin pull.

Schneider pulled off sitting behind or beside Roberto Luongo in Vancouver (or maybe on Luongo’s lap) and he has pulled off replacing an icon in New Jersey after splitting time in Martin Brodeur’s final season as a Devil. He is Lou Lamoriello’s last great — and lasting — acquisition across the river.

Indeed, since arriving in New Jersey for the start of 2013-14, Schneider is second in the NHL to Carey Price in both goals against average (2.14 to 2.12) and save percentage (.924 to .931). He, Ben Bishop and reigning No. 1 Jonathan Quick are the leading contenders to be in nets for Team USA for the 2016 World Cup.

And he is an All Star in every sense, except perhaps in the literal one. On Wednesday, Schneider — and not Lundqvist — might even be that.

Apparently it is the new NHL math.

For even though Article 18. 2 (c) of the collective bargaining agreement states, and in a sentence that is underlined for apparent emphasis: “Players who repeatedly violate League Playing Rules will be more severely punished for each new violation,” Boston’s Brad Marchand escaped with a mere three-game suspension for clipping Ottawa’s Mark Borowiecki last week, three years after getting five games for clipping Vancouver’s Sami Salo.

Of course, you have to add Marchand’s two-game suspension for slew-footing the Rangers’ Derick Brassard last January into the mix, don’t you and didn’t the Department of Player Safety, but who has even the slightest idea on what side of the equation that fits in this bizarre calculation?

What we have here is complete and utter incoherence out of the Sixth Avenue wing of the supplementary disciplinary process, aided and abetted by an NHLPA conditioned to argue against stiff sentences for even the most egregious of reprobates.

The NHL video explanation of this suspension to Alain Vigneault’s Not-Favorite-Son includes references to Marchand having been “suspended or fined three times previously for infractions directed at an opponent’s lower body … and to, “… Here, Marchand again attacks an opponent’s lower body that causes him to cartwheel to the ice in a dangerous fashion…” and to, Marchand having been “suspended three times and fined twice previously in his seven-year NHL career…”

As such, the recidivist got three games … two fewer than he received for committing the same offense on Jan. 7, 2012.

It doesn’t add up.

Except that Marchand’s first two games back will come on the road against the Senators and the Rangers, a pair of matchups that might add some page clicks to league websites.

Maybe the NHL could have found a different sentence to underline in the CBA.

The Winter Classic is a great event — NHL outdoor games all have been colossal successes on either a local or national stage — but let’s face it, there are few great (inter)national matchups available to command attention beyond the spectacle itself.

You know what would represent a compelling matchup that apparently is nowhere on the league’s agenda? John Tortorella’s Blue Jackets against the Penguins at Ohio State, that’s what.

Seriously.

Can you imagine? Potential combined charges of collusion and whining? Maybe the NHL can and that’s why it would have nothing to do with it.

Instead, get ready for either Rangers-Leafs in Toronto or Penguins-Flyers in either respective city’s pro football stadium.

Yawn.

Finally, from Page Six: Which former Ranger has scored a book deal for a tome that he promises to be “Hockey’s Ball Four?”

Too easy?

The NHL may not be amused.