The stage is set for the 2025 NHL Conference Finals. The Dallas Stars and Edmonton Oilers will meet once again in the West, a year after the Oilers claimed a hard-fought series in six games. In the East, the Florida Panthers and Carolina Hurricanes are poised for a high-stakes showdown, with both teams eyeing a trip to the Stanley Cup Final.
Meanwhile, the Vegas Golden Knights, who last reached the Western Conference Final in 2023 and went on to capture their first Stanley Cup, now find themselves watching from the sidelines.
After getting ousted in a seven-game first-round battle against the Stars in 2024, they fell short again this postseason, losing to the Oilers in five games. It was quick, but the series was much closer with two overtime games and three games decided by one goal.
Winning a championship in any league is difficult, but the Golden Knights’ pursuit of a second Stanley Cup appears to be moving in the wrong direction, almost like they’re going backwards.
With a core of players who aren’t getting any younger, the Golden Knights appear to be losing ground to the league’s best, and doing so quickly.
It’s easy to see why the Golden Knights remain one of the NHL’s top teams. In their first eight seasons, they’ve claimed the Pacific Division title four times and finished this season with the league’s third-best record, amassing 110 points.
“I think it was a really good regular season, (with) 50 wins,” general manager Kelly McCrimmon said in exit interviews. “It’s disappointing to have our season end.”
Despite their regular-season success, the Golden Knights are now left searching for answers. With superstar Jack Eichel at the helm and a talented supporting cast, they have all the pieces to win, and they’ve proven it time and again. Yet after their Round 2 exit to the Oilers, the only thing in question remains: Where do the Golden Knights rank among the NHL’s best?
Across the league, there’s a common consensus: The Stars, Panthers, Hurricanes, and Oilers are among the NHL’s best, and it’s no surprise to see all four teams in the conference finals this season.
The Stars went all in with their blockbuster trade for Mikko Rantanen, who has since put up video game numbers in the playoffs, registering 19 points in 13 games, including two hat tricks.
Conversely, the Hurricanes acquired and traded Rantanen this season but haven’t let that disrupt their playoff run, reaching the ECF once again. As for the Oilers, the team that bounced the Golden Knights out of the playoffs have been riding the momentum these playoffs. Not to mention, they have both Connor McDavid and Leon Draisaitl, who have combined for 33 points in 11 playoff games.
Then you have the Panthers, who also made moves at the deadline, adding Brad Marchand, who has 12 points in 12 playoff games. All these teams (including Edmonton) have gotten great goaltending during the regular season and have well-rounded teams built for the playoffs.
It’s easy to see why these teams form the tier-one Stanley Cup contenders, and notably, the Golden Knights aren’t included, and it’s not shocking. Vegas now appears to belong in tier two, or even three, of contenders in the NHL.
Right now, they’re likely on the same level as teams like the Colorado Avalanche, Los Angeles Kings, and Tampa Bay Lightning. It’s the latter half of the top 10, not among the top five or three as they once were.
This is not to compare the Golden Knights directly to those teams, but it’s a reminder that after the past two seasons, Vegas is no longer in the best-of-the-best conversation. With a growing divide between some of the top NHL teams and the Golden Knights, what’s causing that divide?
McCrimmon is known for his win-now trades, as evidenced by moves like acquiring Tomáš Hertl and swinging for Noah Hanifin. He’s never shied away from dealing future assets to bolster the present. But while those aggressive moves helped deliver a Stanley Cup in 2023, they’ve left the Golden Knights with a shallow prospect pool and a gloomy future.
All teams deal with these issues, especially those consistently near the top of the standings. But Vegas might be hit harder than most. They’re without a first-round pick until 2027, and Trevor Connelly is the only first-round prospect they’ve drafted in the past five seasons. McCrimmon has either dealt the draft pick before it could be used, or has traded the player outright.
On the flip side, salary cap constraints are another growing concern. With Alex Pietrangelo, Mark Stone, Hanifin and Eichel each carrying cap hits over $7 million, Vegas is strapped for flexibility.
Most of these players also have no movement clauses, not to say Vegas is looking to trade any of them, but just adds to the complexity of the circumstance at hand. McCrimmon is making moves, but it seems without an arm, as he’s tied down to several contracts that exceed the next couple of seasons.
The combination of an aging core and a lack of youth could spell trouble for the Golden Knights. This offseason, they’ll look to regroup, fill in some gaps, and make another push for the Cup in 2025-26.
Since their inception, the Golden Knights have enjoyed instant success, but the past two seasons have brought growing challenges. The 2025 offseason will be key to whether Vegas can remain among the best in the NHL. The future is uncertain with limited salary cap space and a thinning prospect pool, but if McCrimmon has taught fans anything, they’ll likely be in the mix for another Stanley Cup next season.
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