The NHL, particularly in the salary cap era, is typically marked by constant shifts and transformations. Established contenders often see their rosters change, while new powerhouses emerge to take their place.
This is why it was so remarkable to witness the same two teams, the Florida Panthers and the Edmonton Oilers, compete in consecutive Stanley Cup Finals. This marked the league`s first Cup rematch since 2008-09 and only the second since 1983-84. Considering Florida`s appearance in the 2023 Final as well, the NHL has had fewer unique finalists over a three-year span (just three different teams) than at any point since 1954-56, when only the Detroit Red Wings and Montreal Canadiens reached the Final during that period.
This impressive run by the Panthers and Oilers is unlikely to continue indefinitely. It`s particularly uncertain beyond 2025-26 if Connor McDavid doesn`t re-sign with Edmonton after his current contract concludes. However, for now, preseason odds still position Florida as the East favorite and Edmonton as the West`s top contender, suggesting another rematch remains the most probable outcome.
Yet, this projection holds true only until circumstances change. So, the crucial question becomes: If it`s not Florida and Edmonton yet again, which teams are next in line to battle for the Cup?
Let`s delve into the most promising challengers from each conference, poised to step up if the Panthers or Oilers falter. We`ll also highlight a couple of emerging teams that could potentially disrupt the established order.
EASTERN CONFERENCE
Carolina Hurricanes
Recent Performance: Despite making the playoffs seven consecutive years, Carolina`s 44 postseason victories have never culminated in a Stanley Cup Final appearance. This record surpasses Toronto`s previous mark of 41 wins from 1998 to 2004 for the most playoff wins without reaching the final in such a period.
The team advanced to the Eastern Conference Finals in two of the last three seasons but struggled offensively, leading to a sweep by Florida in 2023. Their perennial goaltending concerns also resurfaced in 2025, failing to contain the Panthers, especially Sam Bennett.
Outlook for 2025-26: Carolina will again rely on Pyotr Kochetkov and Frederik Andersen in goal, which naturally raises questions given their .823 save percentage in the 2025 Eastern Conference Finals loss to Florida. However, new forward Nikolaj Ehlers is expected to boost their offense. Furthermore, trade acquisition K`Andre Miller and prospect Alexander Nikishin are set to bolster an already strong blue line, adding youth and potential, particularly if Miller regains his 2022-23 form after a recent decline.
Ultimately, the Hurricanes are banking on their well-established puck-possession system to finally overcome a Florida core that largely remains intact from last season. The outcome remains to be seen.
Tampa Bay Lightning
Recent Performance: Tampa Bay is a proven champion, having secured two Cups in 2020 and 2021 and reaching another Final in 2022. Just as their dynastic run appeared to be fading, the Lightning experienced a resurgence in 2024-25, achieving their best goals-per-game differential since 2018-19 (+0.91).
However, similar to their 2019 postseason, this regular-season success did not translate into a deep playoff run. The Lightning were eliminated by Florida in the first round in five games for the second consecutive year, marking a significant shift from their past dominance in the cross-state rivalry.
Outlook for 2025-26: The Lightning continue to possess one of the league`s most skilled cores, providing strong reasons to believe they can once again contend for the Cup. They lost very little of significance during the offseason, with defenseman Nick Perbix being their only notable departure. While they also made few additions, a team that was the NHL`s fifth oldest in 2024-25 isn`t getting any younger.
Eventually, stars like Nikita Kucherov, Andrei Vasilevskiy, Victor Hedman, and Jake Guentzel will decline. But until then, this team still holds the potential to compete fiercely with Florida, even if recent playoff results against their rivals have been disappointing.
New Jersey Devils
Recent Performance: Much of the Devils` success hinges on Jack Hughes` availability. When Hughes played over 62 games in 2022-23, the Devils ranked fourth league-wide in goals per game. With him missing 20 games in each of the last two seasons, New Jersey`s offensive ranking dropped to 12th in 2023-24 and then to 20th last season.
This offensive slump coincided with the team missing the playoffs in 2023-24, leading to coach Lindy Ruff`s dismissal, and a first-round exit to Carolina in five games a year ago. This was a disappointing outcome for a team that boasted the third-best goal differential and was the third youngest (a promising combination) back in 2022-23.
Outlook for 2025-26: Hughes` healthy return for the start of the 2025-26 camp has New Jersey optimistic about regaining their previous potential. The Devils have averaged 3.13 goals per game over the past two seasons with Hughes in the lineup, compared to 2.93 without him – a difference that would place them 12th versus 21st in the league in 2024-25.
To further boost their scoring, the Devils acquired Evgenii Dadonov this summer. Russian right wing Arseny Gritsyuk could also be an intriguing addition. If they can resolve their contract situation with Hughes` brother Luke, the Devils have the potential to challenge for the Eastern Conference title. However, they will need to find a way to overcome a Carolina team that has eliminated them in 2023 and 2025.
Worth a Flier?
Ottawa Senators
Ottawa finally ended its seven-year playoff drought in 2024-25, propelled by a youthful core featuring Brady Tkachuk, Tim Stützle, Jake Sanderson, and Shane Pinto, all of whom were 25 or younger last year.
The Senators are still maturing as a winning team, but they will bring back this promising young core, along with talented young defenseman Jordan Spence, to build on last season`s 19-point improvement in the standings.
Montreal Canadiens
The Canadiens have demonstrated significant progress in recent seasons, with three consecutive campaigns of improved goal differential, culminating in their first playoff appearance since 2021. Nick Suzuki`s 89 points were the most by a Montreal player in nearly three decades, and Cole Caufield`s 37 goals marked the highest total for a Canadiens player his age since 1989-90.
With this dynamic young duo leading the charge and an enhanced roster that includes defenseman Noah Dobson and forward Zack Bolduc, Montreal may finally be on the cusp of something substantial.
The Rest of the East
- Toronto Maple Leafs
- Washington Capitals
- New York Rangers
- Boston Bruins
- Columbus Blue Jackets
- Detroit Red Wings
- Philadelphia Flyers
- New York Islanders
- Buffalo Sabres
- Pittsburgh Penguins
WESTERN CONFERENCE
Colorado Avalanche
Recent Performance: The Avalanche were an historically great team when they won the Cup in 2022, seemingly destined for a prolonged period of success reminiscent of the franchise`s eras in the 90s and 2000s.
Instead, they succumbed to the familiar attrition champions face in the salary cap era, dealing with injuries (Gabriel Landeskog) and significant departures (Darcy Kuemper, Nazem Kadri, Andre Burakovsky). While Colorado has remained among the league`s top teams, their goal differential has steadily declined for four consecutive seasons.
Outlook for 2025-26: Nathan MacKinnon and Cale Makar show no signs of slowing down. Together, they`ve accumulated 438 points over the past two seasons, a total unmatched by any forward/defenseman duo in over three decades. Bolstered by the return of trade deadline acquisition Brock Nelson and the veteran additions of Brent Burns and Victor Olofsson, the Avalanche may still have another strong playoff run in them, despite recent losses to the Dallas Stars in consecutive postseasons.
Vegas Golden Knights
Recent Performance: On paper, the Golden Knights had a stronger regular season last year (+0.68 goal differential per game) than when they won the Cup in 2023 (+0.52), when they were the only team to defeat Florida in their last 12 postseason series.
However, the explosive playoff offense that once characterized them has diminished, dropping from 4.00 goals per game during their Cup run to just 2.44 since. This culminated in back-to-back shutout losses to Edmonton in the second round last spring. Despite their continued talent and depth, recent results have not matched expectations.
Outlook for 2025-26: The primary source of optimism for Vegas stems from their major acquisition of the 2025 offseason: star winger Mitch Marner. Acquired in a sign-and-trade from Toronto in late June, Marner has consistently averaged 29 adjusted goals, 65 adjusted assists, and 94 adjusted points per season since 2020-21, establishing him as one of the league`s most dangerous offensive threats, particularly as a playmaker.
While new players often require time to adapt to new systems and teammates, Marner will seamlessly integrate alongside talents like Jack Eichel, forming a formidable pairing for the playoffs. His playoff struggles have often been exaggerated, suggesting he could thrive in this new environment.
Dallas Stars
Recent Performance: The question for Dallas is, why haven`t they broken through? Much like Carolina, the Stars consistently hit a barrier just before the Cup Final. Dallas has amassed 29 playoff wins over the past three seasons—the most by a team in a three-year span without reaching the Final—yet this has only resulted in consecutive losses to Edmonton in the conference finals.
While some historic franchises with similar near-misses eventually achieve their goal, the persistent question for the Stars is whether their current roster can ever take that decisive final step.
Outlook for 2025-26: The Stars have undertaken a significant organizational shuffle over the offseason. They dismissed coach Pete DeBoer, bringing back former bench boss Glen Gulutzan, and experienced the largest net loss in goals above replacement of any team. While this might not immediately signal optimism, the Florida Panthers` recent success demonstrates that sometimes a drastic shakeup in identity is precisely what a team needs to finally overcome its hurdles.
Worth a Flier?
Los Angeles Kings
It might seem unlikely that the Kings, of all teams, could dethrone the Oilers in the West, especially since L.A. has lost to Edmonton in four consecutive postseasons. They are only the fourth team in any of the four major men`s leagues to suffer four straight playoff defeats to the same opponent without a preceding head-to-head win.
However, the Kings remain an intriguing team due to their blend of youth and veteran experience. Notably, their offseason acquisitions included Corey Perry, a player whose teams have reached the Cup Final in five of the last six seasons.
Utah Mammoth
It`s easy to be optimistic about the Mammoth as the next potential Western Conference contender. This was the league`s seventh-youngest roster last year, featuring talents like Clayton Keller, Mikhail Sergachev, Logan Cooley, and Dylan Guenther, all aged 26 or younger. The team also showed consistent improvement, enhancing its goal differential for the third consecutive season.
Building on this foundation, Utah acquired talented forward JJ Peterka via trade and signed veteran defenseman Nate Schmidt and forward Brandon Tanev during an offseason that clearly added net talent. Despite this franchise (dating back to its Arizona days) making the playoffs only once since 2012 (in 2020), brighter days are certainly on the horizon for Utah.
The Rest of the West
- Winnipeg Jets
- Minnesota Wild
- St. Louis Blues
- Vancouver Canucks
- Nashville Predators
- Calgary Flames
- Anaheim Ducks
- Seattle Kraken
- Chicago Blackhawks
- San Jose Sharks
Duncan Priestley