A New Race Begins: The Early Favorites For The 2026 Stanley Cup

The dust has barely settled from the 2025 Stanley Cup Finals, but NHL oddsmakers are already turning the page. With sportsbooks rushing to release early lines for the 2026 champion, a tightly packed race has emerged at the top—and the hockey world is paying attention.

Despite their second straight championship win, the Florida Panthers aren’t the sole favorite to lift the Stanley Cup next season. Instead, a cluster of four elite teams—Florida, Edmonton, Colorado, and Carolina—are sharing the spotlight in various odds listings across major betting platforms. It’s rare to see such parity in offseason odds, but that’s the nature of today’s NHL: deep talent pools, unpredictable playoff runs, and a league where no victory is ever guaranteed.

The Panthers’ Back-to-Back Brilliance—and the Weight of a Three-Peat

Let’s begin with the reigning kings of the ice—the Florida Panthers. On Tuesday night, they silenced the Edmonton Oilers in a dominant 5-1 Game 6 victory, capturing their second consecutive Stanley Cup. Their journey to this point has been nothing short of spectacular, showcasing grit, resilience, and timely performances from key players.

Yet, despite hoisting the Cup once again, Florida’s position at the top of the odds list isn’t as commanding as one might expect. According to ESPN BET, the Panthers are co-favorites rather than stand-alone leaders. They sit alongside the Oilers and Colorado Avalanche at +700. Just a week earlier, Colorado held the top spot at +650 before adjustments were made.

Why the hesitancy from oddsmakers? ESPN BET’s trading director, Adrian Horton, provided some insight: “There’s a lot more questions around the Panthers and Oilers than the Avalanche, who are set to return a majority of their roster and have the benefit of a longer offseason.”

For Florida, the offseason holds several uncertainties. How much of their core roster can they retain through free agency? Will the physical toll of back-to-back championship runs catch up to them? Winning once is hard, winning twice is historic, but a three-peat? That would be entering legendary territory—and the sportsbooks aren’t convinced just yet.

Edmonton Oilers: Close Again, But Still Chasing

The Oilers came tantalizingly close to ending their championship drought. Led by superstars Connor McDavid and Leon Draisaitl, Edmonton roared through the Western Conference, only to fall short once more in the Finals.

Their offensive firepower is undeniable, and their experience from consecutive deep playoff runs will be invaluable. But Horton and other analysts wonder how this latest defeat might impact the team’s morale—and their offseason plans.

At DraftKings, Edmonton emerged as the top favorite, showcasing the faith bettors still have in McDavid’s quest for Stanley Cup glory. The team’s high ceiling makes them a consistent contender, but questions linger: Will they make the right roster tweaks this summer? How much more can they push physically and mentally before cracks begin to show?

Fatigue, wear and tear, and emotional letdowns have derailed many promising squads in NHL history. The Oilers, for all their brilliance, now find themselves at a fork in the road—either continue climbing or risk plateauing.

The Colorado Avalanche: Quiet Confidence from the Rockies

If there’s a team that seems poised to reclaim the Cup without much drama, it’s the Colorado Avalanche.

Not long ago, the Avs were NHL champions themselves, winning in 2022. Now, after a season of dealing with injuries and early exits, they look ready to charge again. Horton highlighted them as the most stable of the top-tier contenders: “The Avs have 19 of 23 roster spots under contract, including a healthy Gabriel Landeskog and two of the best players in the world in Cale Makar and Nathan MacKinnon.”

Continuity, health, and a longer offseason due to their earlier playoff exit may give Colorado the upper hand. Unlike the Panthers and Oilers, who will spend their summer nursing bruises, the Avalanche are prepping with fresher legs and fewer question marks.

This mix of talent, depth, and rest could make them the sleeping giant of the 2026 campaign. While sportsbooks like ESPN BET list them alongside the Panthers and Oilers at +700, behind the scenes, many believe Colorado could separate themselves from the pack as the season unfolds.

Carolina Hurricanes: FanDuel’s Wild Card Favorite

While most betting platforms focused on Florida, Edmonton, and Colorado, FanDuel zagged where others zigged—putting the Carolina Hurricanes at the top of their 2026 Stanley Cup board before Game 6 of the Finals.

The Canes are consistently strong, built with a balanced roster and one of the best defensive systems in the league. Their regular-season dominance hasn’t always translated to deep playoff runs, but their time may finally come.

FanDuel’s faith in Carolina reflects the betting community’s understanding of the team’s potential. With odds listed at +800 by ESPN BET (just behind the co-favorites), the Hurricanes are no longer flying under the radar. If their offense continues to evolve and their goaltending holds steady, they could break through the Eastern Conference wall and finally reach the mountaintop.

Dallas Stars and the Second Tier

Just behind the elite four sits the Dallas Stars at +900. A team loaded with veteran savvy and emerging young stars, Dallas is viewed as just one key move or breakout season away from true contention.

They’ve proven they can hang with the NHL’s best, making them a value pick for bettors looking beyond the top four. But for now, oddsmakers have placed them just a tier below—acknowledging their strengths while still recognizing the slightly steeper path ahead.

Long Shots Linger: Chicago and San Jose at the Bottom

Every year, someone has to bring up the rear, and for 2026, it’s the Chicago Blackhawks and San Jose Sharks. Both franchises are in full rebuilding mode, with massive gaps to fill in their rosters and young cores that are still a few seasons away from contention.

They enter the offseason listed at 500-1—making them the longest of long shots. But in hockey, turnarounds can happen quickly. The Blackhawks, for example, are banking on their young star Connor Bedard to blossom into a generational talent. If the pieces start clicking, even a distant hope can become a reality.

Still, for now, they serve more as cautionary tales of how fleeting dominance can be in the NHL—and how hard the climb back to relevance truly is.

Source: Panthers, Oilers, Avs, Canes favorites to win 2026 Stanley Cup

The Road Ahead: Predictions and Possibilities

The early odds may not guarantee outcomes, but they offer a compelling preview of how the 2026 NHL season could unfold. At the center of it all are four teams with very different narratives but equally legitimate claims to the throne.

Florida’s dynasty bid, Edmonton’s redemption arc, Colorado’s resurgence, and Carolina’s climb—it’s all setting the stage for what could be one of the most competitive Stanley Cup races in recent memory.

As rosters shift in free agency and teams regroup for the next campaign, these odds will fluctuate. But for now, fans, analysts, and bettors alike can only sit back and wonder: which of these titans will rise, and which will fall when the puck drops in 2026?

One thing’s for sure—hockey’s never short on surprises.