The NHL offseason is well underway as teams look to make major signings and trades in the hopes of being the ones left holding the Stanley Cup at the end of the 2026-27 season.
While the landscape of the NHL and its top teams could alter before the start of the campaign, it’s still a great time to check out who prediction markets see as the likely contenders for the most prestigious hockey championship in the world.
When checking out the latest prediction markets for the Stanley Cup at Kalshi, we found the usual teams at the top. The Florida Panthers dynasty is expected to resume in the 2026-27 season after a blip last campaign, but they are closely followed by the Colorado Avalanche and the reigning champion Carolina Hurricanes.
Let’s examine why the leading contenders have earned their place and how the start of the offseason has impacted their price.
It’s the Panthers, not the defending Stanley Cup champion Carolina Hurricanes, that are viewed as the leading contender for the 2027 crown. It’s easy to understand why. Florida has been bold in its attempts to revamp its roster, acquiring Brady Tkachuk from the Ottawa Senators for three first-round picks and bringing back Jacob Markstrom in a trade with the New Jersey Devils.
These blockbuster moves have propelled Florida, which won two straight Stanley Cups before the last campaign, above its main contenders. The Panthers missed the playoffs last season, but did so after losing several key players to long-term injuries, including captain Aleksander Barkov and Matthew Tkachuk. Now, with its team fully healthy and even stronger thanks to its offseason trades, Florida will once again be a force to be reckoned with in the NHL.
The Avalanche were stunned in the Western Conference Finals, getting swept by the Vegas Golden Knights to bring a premature end to a promising season. Colorado had been widely viewed as the Stanley Cup favorite for much of the campaign and won the Presidents’ Trophy with a 55-16-11 record and 121 points. Despite the disappointing end to last season, the Avalanche should be right back in the hunt this upcoming campaign.
Colorado, which won the Stanley Cup in 2022, boasts a top-three player in Nathan MacKinnon, who finished the regular season as the NHL’s top scorer, and one of the best defensemen and former Conn Smythe winner Cale Makar. The Avalanche also filled a hole at winger by signing veteran Jaden Schwartz in free agency. While Avalanche’s roster is getting older, their window to win another Stanley Cup remains firmly open.
The Hurricanes ended a 20-year wait to win another Stanley Cup, and Kalshi sees the defending champions having a great chance at retaining their crown. Unlike other major leagues like the NBA, the NHL consistently sees back-to-back Stanley Cup winners. The Lightning, Panthers, and Pittsburgh Penguins have all achieved the feat over the last decade.
Carolina is well-positioned for a chance to join that prestigious club. The team hasn’t been that busy during the offseason, but it doesn’t need to be. Rod Brind’Amour is one of the NHL’s best coaches, and they have an outstanding core that includes Sebastian Aho, Jaccob Slavin, Nikolaj Ehlers, and Conn Smythe Trophy winner Jordan Staal.
The Oilers are one of three teams that Kalshi currently sees as equal contenders for the Stanley Cup. Edmonton surprisingly lost in the first round to the Anaheim Ducks after making the Stanley Cup Final in each of the previous two seasons, losing both times to the Panthers. With star Connor McDavid nearing 30 and only two years left on his deal, Edmonton has aggressively retooled its team.
The Oilers started by replacing coach Kris Knoblauch with Mike Babcock. While controversial for his old-school tendencies, Babcock is a Stanley Cup winner with a huge amount of experience. Edmonton also upgraded its goaltending by signing Freddie Andersen and found a way to move on from Darnell Nurse and his big contract. With 3-time Hart Trophy winner McDavid and other stars like Leon Draisaitl and Zach Hyman, the Oilers should be a legitimate threat once again.
The Lightning made three straight Stanley Cup Finals from 2019 to 2021, winning two. But Tampa Bay has endured multiple first-round exits in recent years. The team made one of the early splashes of free agency, trading Darren Raddysh to the Toronto Maple Leafs. To fill the hole on the right side of its defense, Tampa Bay added Jon Carlson.
The Lightning will always have a chance at the Stanley Cup thanks to Nikita Kucherov, who won his second career MVP award last season. Kucherov carried Tampa Bay on his back after the team slumped early on, scoring 104 points in 50 games. The Lightning also boasts one of the NHL’s best goalies in Andrei Vasilevskiy.
The Golden Knights made the Stanley Cup Finals for the third time in just nine years since the franchise was born. But Vegas will be looking for a better outcome this upcoming campaign after losing in its last two appearances, including last season to the Panthers. Without much cap flexibility, the Golden Knights haven’t been able to make many significant additions so far. In fact, Vegas traded Pavel Dorofeyev, the team’s top scorer the past two seasons, to the New York Rangers.
There’s plenty to still be optimistic about, though. The Golden Knights re-signed Rasmus Anderson and added several key depth pieces. Meanwhile, Mitch Marner is coming off a postseason in which he led all players in points, just ahead of teammate Jack Eichel. Brett Howden also starred in the playoffs, scoring a postseason-high 14 goals. While it’s hard to say Vegas is better now than they were last season, they’re still a genuine contender.
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