The Florida Panthers are back-to-back Stanley Cup champions, and they might've already won the offseason.
The latest: On July 1, the new league year began, triggering a flurry of signings and extensions. The Vegas Golden Knights made a big splash by adding Mitch Marner, but the Panthers' ability to keep the band together is the most notable storyline.
Check out the latest Stanley Cup odds ahead of the 2025-26 season.
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Stanley Cup odds
Check out the latest odds to win the Stanley Cup. Click odds to bet now.
The favourites: Panthers (+750)
- Somehow, some way, the Panthers managed to re-sign Sam Bennett ($8 million AAV), Brad Marchand ($5.25 million AAV) and Aaron Ekblad ($6.1 million AAV) to new deals before free agency began. Those players combined for 55 points during the team's 2024-25 Cup run and will presumably be crucial to another potential run this season.
- According to Puck Pedia, Florida projects to be $2.175 million over the cap right now with two open roster spots. So it stands to reason that more moves are coming, but they've gotten the big ones out of the way.
Aside from goaltender Sergei Bobrovsky, all of the Panthers' top contributors from back-to-back titles are inked through 2029-30. We could be witnessing a dynasty in the Sunshine State.
With Paul Maurice at the helm, the Panthers have a .610 win percentage over the past three regular seasons. They've been even better in the playoffs in that span (45-23, .662).
Top Cup contenders: Canadian teams
Oilers (+850)
- After falling to the Panthers in seven games in 2024, the Oilers could only muster two wins in the 2025 SCF. Connor McDavid and Leon Draisaitl will continue to lead this group, making the Oilers a strong contender going into next season.
- But can Edmonton lean on Stuart Skinner as a No. 1 goaltender again? He had an .861 save percentage and 3.80 goals-against average in the Cup Final. Failing to change things up in net could cost the Oilers big time as they try to get over the hump.
- Corey Perry, Connor Brown and Evander Kane are among the Oilers' departing veterans. With limited cap flexibility — after re-signing Evan Bouchard to a deservedly massive deal — the only addition for Edmonton in free agency was Andrew Mangiapane.
- The Oilers did seek out a trade in an attempt to improve their roster. The squad added Isaac Howard from the Lightning in exchange for Sam O’Reilly.
Maple Leafs (+2,100)
- The Maple Leafs are in unfamiliar territory right now, with $2.93 million in projected cap space as of July 24. With Marner off the books and John Tavares returning at less than half his previous price tag, there's room to wheel and deal.
- Toronto just won the Atlantic Division for the first time in the Auston Matthews era. But the team hasn't won multiple playoff rounds since 2002.
The Winnipeg Jets (+2,500) and Ottawa Senators (+3,500) — both coming off playoff appearances — are next on the board before a significant drop-off to the long shots.
Futures notes
- Carolina (+750) is just behind Florida on the odds leaderboard. The Hurricanes have a solid core with Sebastian Aho, Seth Jarvis and the recently extended Logan Stankoven, and the team signed Nikolaj Ehlers to a six-year, $51 million contract in free agency.
- The Avalanche (+800) still have two top-five players in the NHL (Nathan MacKinnon, Cale Makar). That's never a bad starting point. Mackenzie Blackwood was great for the Avs after being acquired at the trade deadline, posting a .913 SV% and a 2.33 GAA. Goaltending was a major issue before he showed up.
- Are the Jets (+2,500) a value play? Their odds are pretty long considering this team won the Presidents' Trophy last season. Sure, the team hasn't won multiple playoff rounds since 2018, but there are still plenty of stars on the roster (including Connor Hellebuyck and Mark Scheifele). The Jets still have $10.55 million in cap space to play with.
