Entering a new NHL season, all 32 teams begin with the same record, but each of them has different goals.
Most teams are on the pursuit of greatness, looking to win a Stanley Cup, while others are in a different phase, looking for small wins to use as stepping stones.
Predicting who wins the Stanley Cup is always fun to put together, even if it's quite challenging to get it right. Each contender has their strengths and weaknesses.
Here are the five teams with the best odds of winning the Stanley Cup in 2025-26, according to sportbook BetMGM, and why they could or could not win it all.
Florida Panthers
To the surprise of very few, the Panthers are the favorites to win the Stanley Cup, currently at 7.00 odds (+600).
The Panthers are back-to-back Stanley Cup champions and are returning with virtually the same roster. Although some moves will need to be made to fit under the salary cap once Matthew Tkachuk returns from his injury, the Panthers are expected to roster a lineup as strong as it was last year after the trade deadline, when they added Brad Marchand and Seth Jones.
Why they could win: The Panthers have more depth and experience than any team in the NHL. They play a physical brand of hockey that translates to playoff success, and whether they are outmatched in skill or not, they'll outwork their opponents until they win. They have the true makings of a modern-day dynasty.
Why they could not win: Fatigue will eventually play a role. They've been to the Stanley Cup final three straight times, have had significant injuries to key players, such as Tkachuk, Aleksander Barkov and Sam Reinhart, and their top players are expected to go to the 2026 Olympics. Goaltender Sergei Bobrovsky is also 36, and he's played a lot of hockey that could catch up to him.
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Colorado Avalanche
The Avalanche are tied for the second-best odds of winning the Stanley Cup at 9.00 (+800), according to BetMGM.
With superstars Nathan MacKinnon and Cale Makar, the Avalanche are always a threat to make a long run. Valeri Nichushkin, Artturi Lehkonen and Gabriel Landeskog will hopefully be healthy all season long, and Martin Necas' chemistry with MacKinnon should only improve.
Why they could win: The Avalanche have the playoff experience as well and the stars to back it up. MacKinnon and Makar alone have the skill to win a series, but their secondary scorers and the value they provide outside of their offense can win them games.
The Avs are the fastest team in the league, according to NHL Edge. If they can use their home-ice advantage effectively, they can beat any team.
Why they could not win: Although they were crowned Cup champions in 2021-22, they haven't made it past the second round since then. In fact, they have only made it past the second round once in the MacKinnon Era. They have the roster to do so, but putting it together has proved to be a difficult task to replicate. Considering the time Landeskog and Nichushkin have missed since the Cup win, it's uncertain whether they will be able to play the full season.
Vegas Golden Knights
Tied with the Avalanche in odds are the Golden Knights, which used this off-season to bolster their lineup with superstar playmaker Mitch Marner.
Their post-season experience stretches further than the Avalanche's, and their play style differs, but they remain a threat to win their second Stanley Cup championship.
Why they could win: The Golden Knights are the last team to defeat the Panthers in the playoffs, and they did so by being stingy defensively and physical.
Led by Jack Eichel, the Golden Knights blend skill and grit to a tee. Marner's playmaking should elevate Eichel's game, and they can balance out their scoring by separating Mark Stone from Eichel.
Why they could not win: The Golden Knights are an older team, and fatigue has caught up to them in recent years. When the playoffs roll around, the Golden Knights seem to be getting worse, increasing the mental errors a team usually cleans up by the playoffs. If their offensive philosophies remain the same and they enter the playoffs fatigued, similar results will occur.
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Carolina Hurricanes:
The Hurricanes, too, went out and continued to chase big names, adding Nikolaj Ehlers to their core. Their odds now sit at 9.25 (+825).
Ehlers may not solve Carolina's size or physicality issue, but he'll improve the quality and the quantity of chances the Hurricanes create. The Canes never seem to have much of an issue escaping the Metropolitan Division, but the Eastern Conference final has proved to be a task too big for them to tackle.
Why they could win: Like the Avalanche, the Hurricanes play fast, are relentless on the puck and use home ice to their advantage, going 31-9-1 at home last season. The Hurricanes, at their best, can skate teams out of the building, and they are more than equipped to do so again this year.
Why they could not win: Physical teams that shrink the ice, such as the Panthers and previously the Boston Bruins, Tampa Bay Lightning and New York Rangers, have not only defeated the Hurricanes but steamrolled them.
The Hurricanes have yet to find a way to break down these teams' defensive structure and are unwilling to change their play style to do so. If nothing changes, it'll be another year of similar results for the Hurricanes.
Edmonton Oilers
The Oilers came out empty-handed in their two straight runs to the Stanley Cup final, but just accomplishing what they did is no small feat. The Oilers find ways to win in the playoffs, and that's a valuable trait that not many teams possess. Their odds of winning the Stanley Cup in 2025-26 are 9.50 (+850).
Why they could win: With Connor McDavid and Leon Draisaitl, the Oilers always have a chance to win. The duo steals games singlehandedly more than any other duo in the NHL, and it's why they've gone on long playoff runs.
Why they could not win: Goaltending and depth have been issues for the Oilers since McDavid was drafted, and it appears to be an issue again heading into the 2025-26 campaign.
At times during their playoff runs, the Oilers got plenty of depth scoring and strong goaltending, but it came in spurts. When the well dried, the Oilers felt out of place. The 2026 NHL trade deadline will be key for the Oilers, but it's hard to imagine roster changes that can fix all their holes.
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