As we approach the conclusion of the 2025=26 NHL season, it's somewhat interesting to look back at October of last year. Plenty of narratives that we thought would define the season didn't quite materialize, though a few did.

What we do know at this point is that there will be no repeat of the Oilers/Panthers Stanley Cup Final that we witnessed in 2025 and 2026. The Panthers had a fairly limp defense of the trophy they won in the past two seasons, and the Oilers exited in the first round of the Playoffs.

But how much of what has happened thus far could be considered predictable? Well, if we look at the Stanley Cup odds, comparing them from the start of the season to now, we can argue that the sportsbooks made a decent fist of things when laying out championship odds.

Carolina was the preseason Stanley Cup favorite

Three of the four teams in the NHL Conference Finals — Colorado, Carolina, Vegas — started the season among the top five teams in the odds to win the Stanley Cup in early October. The Hurricanes were the overall favorites, with the Golden Knights ranked fourth and fifth favorites. We can't say right now how that will look in a month's time, as Carolina, for example, is locked in a tight battle with the Montreal Canadiens, but it feels fairly accurate.

Speaking of the Canadiens, they were clearly this season's surprise package in the Playoffs. They started the season at +5000. Nobody ruled them out of having a good season, but to go so deep in the Playoffs was something of a surprise. At the time of writing, they are still in with a shot of ending the Canadian drought of Stanley Cup wins.

You might argue that the sportsbooks got it "most" wrong with the Tampa Bay Lightning. Yes, they won 50 games and made the Playoffs, exiting at the hands of the Canadiens, but it was a case of déjà vu in the postseason. That's four successive seasons now of exiting in the first round. It will be interesting to see where sportsbooks place the Lightning next season.

The Maple Leafs had a disappointing season

There were others, too. The Toronto Maple Leafs had a fairly turgid season, despite being priced among the contenders in the preseason odds. The New Jersey Devils were also mis-priced, missing the playoffs, despite being quoted at odds of +1300 to win the Stanley Cup back in October.

Yet, overall, you would have to say that sportsbooks were pretty much on the money. No season can be predicted with 100% accuracy, and there are always going to be teams that over-perform (the Canadiens fit the bill this time around) and underperform (the Panthers), but having three of the four Conference Final teams at the top of the betting odds at the start of the season isn't half bad.