The Florida Panthers celebrated their championship victory last month, securing the Stanley Cup for the second year in a row after a series of six games against the Edmonton Oilers. This win marked the second consecutive year the Panthers triumphed over the Oilers in the finals.
The NHL offseason quickly ramped up after the Panthers’ victory, featuring the 2025 draft and the frenzy of free agency. Most of the league’s unrestricted free agents have found new teams, providing a clearer picture for the upcoming 2025-26 season.
With a significant portion of free agency finalized, let’s explore which teams are well-positioned to compete for the 2026 Stanley Cup, considering their betting odds.
Odds provided by FanDuel
Florida Panthers (+700)
It’s not surprising the Panthers are considered the frontrunners to capture the Stanley Cup next season. General manager Bill Zito successfully re-signed key players like Sam Bennett, Brad Marchand, and Aaron Ekblad, all of whom were potential unrestricted free agents this summer. The team’s composition remains largely intact, with Jeff Petry replacing Nate Schmidt on defense after Schmidt’s move to the Utah Mammoth as a free agent. Florida’s playing style consistently challenged opponents during the Stanley Cup Playoffs, often outworking the teams they faced. Unless significant injuries occur, it’s plausible the Panthers will make another substantial bid for the Stanley Cup in 2025-26.
There may be skepticism regarding the Hurricanes, given past disappointments. This team has often been seen as a potential Stanley Cup contender but hasn’t advanced beyond the Eastern Conference Final. After unsuccessful attempts with Jake Guentzel and Mikko Rantanen, the Hurricanes made another bold move this offseason by signing Nikolaj Ehlers, a former Winnipeg Jets winger, to a six-year contract. Ehlers adds speed to Carolina’s lineup and enhances their top-six forward group with goal-scoring ability. This speed could prove crucial when the Hurricanes inevitably face the Panthers in their quest for the Stanley Cup.
The Golden Knights have a history of acquiring elite players in their pursuit of the Stanley Cup. The Vegas front office has previously taken significant risks to secure talents like Jack Eichel, Mark Stone, and Noah Hanifin. Before free agency began, the Golden Knights executed a sign-and-trade to acquire forward Mitch Marner from the Toronto Maple Leafs, signing him to an eight-year deal. While Marner’s postseason performance has been questioned recently, he immediately provides the Golden Knights with another playmaker capable of scoring 100 points. Besides Marner, the team also added depth with the signings of Colton Sissons and Jeremy Lauzon. With the current team compositions, the Golden Knights offer substantial value as potential Stanley Cup champions, particularly with Marner on board. They might even be the second-strongest team, trailing only the Panthers, heading into the next season.
Edmonton Oilers (+850)
For the second consecutive year, the Oilers were defeated by the Panthers in the Stanley Cup Final. The Oilers must be questioning what it takes to overcome the Panthers. The team will look different from the one Edmonton has fielded in the past two seasons. Veteran forward Corey Perry departed to sign with the Los Angeles Kings, and Victor Arvidsson was traded to the Boston Bruins. However, Edmonton acquired veteran winger Andrew Mangiapane in free agency, expected to provide depth scoring on the second line. The Oilers’ primary concern remains goaltending, and they may continue with the Stuart Skinner and Calvin Pickard tandem. If the Oilers fail to advance significantly this season, it could be Connor McDavid’s last with the franchise, as he’s eligible for free agency next summer.
The Stars’ acquisition of Mikko Rantanen at the trade deadline raised expectations for a Stanley Cup contention. However, the Stars fell short, being eliminated in the Western Conference Final for the third consecutive season. The team largely remains unchanged, except for the loss of Mikael Granlund, a potentially significant departure. Nevertheless, the team possesses considerable scoring depth across its top three lines. A full season with Rantanen integrated with his new teammates could prove beneficial, and fresh leadership with coach Gulutzan could be a positive change. The West could be a competitive field between the Golden Knights, Oilers, Colorado Avalanche, and Stars next season. Yet, the Stars might need to make further adjustments later in the season to be considered a leading contender in the West.
Colorado Avalanche (+900)
The Avalanche should never be underestimated in their pursuit of the Stanley Cup. Colorado added Brent Burns on defense and re-signed forward Brock Nelson this summer, but the team’s core remains the same. Captain Gabriel Landeskog’s performance should improve, benefitting from a full offseason. This also applies to Martin Necas, who joined from the Hurricanes in the Mikko Rantanen trade last season. However, considering the current team configurations, it’s challenging to see the Avalanche surpassing the Golden Knights, Oilers, and Stars in the Western Conference standings.
The Lightning were considered by many (myself included) to have a chance at a Stanley Cup run, partly due to Matthew Tkachuk’s potential absence from the Panthers in the postseason. However, the Panthers quickly defeated the Lightning in five games during the opening round of the Stanley Cup Playoffs. Despite this, the Lightning still have considerable talent and are not ready to give up with their veteran core. The key players remain, and it’s always unwise to dismiss a team with Andrei Vasilevskiy in goal. While they may not be top contenders for the Stanley Cup, a strategic trade deadline move could elevate their chances.
Toronto Maple Leafs (+2000)
While I’m not advising bettors to heavily back the Maple Leafs, they remain an interesting team despite Mitch Marner’s departure this summer. Although Marner’s loss is significant, a split was necessary for both parties. Toronto still possesses the potential to form a new version of their “Core Four” with Auston Matthews, William Nylander, John Tavares, and Matthew Knies. Knies is expected to increase his production substantially after scoring 29 goals in the 2024-25 season. The addition of winger Matias Maccelli, acquired in a trade with the Utah Mammoth, was an underrated move. Maccelli recorded a 57-point season just two years ago and could be a valuable asset for the Maple Leafs. Nicolas Roy, also acquired in the Marner trade, strengthens Toronto’s center depth. Are the Maple Leafs current Stanley Cup contenders? Perhaps not, but they will be a talented team capable of competing for the Atlantic Division title again next season.
