The puck is about to drop on what promises to be one of the most captivating NHL seasons in years. As the 2025-26 campaign opens on October 7 with a marquee tripleheader on ESPN, fans and analysts alike are buzzing with anticipation, fueled by a potent mix of high-stakes storylines, roster shakeups, and the return of NHL players to the Winter Olympics for the first time in more than a decade. From the Florida Panthers’ ambitious threepeat bid to the drama swirling around contract negotiations and player empowerment, there’s no shortage of intrigue as the league enters a new era.
At the heart of the preseason chatter sits the Florida Panthers, who have stunned the hockey world by winning 11 of 12 playoff series since acquiring Matthew Tkachuk and bringing in Paul Maurice as head coach. After back-to-back Stanley Cup triumphs, the Panthers are chasing a feat not seen since the New York Islanders’ legendary four-peat from 1980-83. But the road to a third straight championship just got a lot rockier. The team will be without captain Aleksander Barkov for the next seven to nine months due to a knee injury, and Tkachuk is likely sidelined for the first two months after offseason surgery. That’s a tough pill to swallow for a franchise aiming to make history.
Ray Ferraro, ESPN analyst and former NHL standout, didn’t mince words about the impact of Barkov’s absence. “Sasha Barkov’s injury changes really everything in Florida. I would have had them as almost my prohibitive favorite again, as crazy as that is, to try and win three times in a row, and I just can’t do that without Barkov at least part of the picture now.” Despite these setbacks, the Panthers managed to retain their core, thanks in part to a record increase in the NHL salary cap. Playoff MVP Sam Bennett, stalwart defenseman Aaron Ekblad, and trade deadline hero Brad Marchand all re-upped with the club, keeping the championship window open—if only a crack.
Still, oddsmakers are hedging their bets. According to BetMGM Sportsbook, Florida’s odds to win it all have slipped to 11-1, trailing co-favorites Edmonton Oilers and Vegas Golden Knights, as well as the Carolina Hurricanes, Colorado Avalanche, and Dallas Stars. Tampa Bay’s Victor Hedman, whose Lightning pulled off a back-to-back in 2020 and 2021, offered a playful jab at the Panthers during the offseason: “They’re not going to win three in a row.” Yet, as he later admitted, “You’ve got to hit the ground running and be as good as you can from the start.”
Meanwhile, the broader NHL landscape is shifting in fascinating ways. The salary cap’s long-awaited bump—after years of stagnation due to COVID-19—has ushered in what ESPN’s Emily Kaplan calls a “player empowerment era.” The offseason saw Minnesota Wild’s Kirill Kaprizov ink a record-setting $136 million contract, a deal that’s expected to ripple through future negotiations for superstars like Connor McDavid and Jack Eichel. “Kaprizov could have asked for anything he wanted, and apparently he did,” said Steve Levy. “Now all eyes are on Minnesota. Minnesota becomes Chicago, in essence.”
McDavid, entering the final year of his contract with Edmonton, remains laser-focused on winning both a Stanley Cup and Olympic gold with Team Canada. “I have every intention to win in Edmonton — that’s my only focus maybe next to winning a gold medal with Canada,” McDavid told reporters. Speculation swirls about whether he’ll sign a short-term deal to keep his options open, or break the bank with a mega-extension. Ferraro weighed in on the contract drama, noting, “The market is changing so fast. If McDavid wanted to sign, it would be done. If he wanted a two-year deal, do you think there’s a negotiation to this? Like it’s an open piece of paper.”
The league’s competitive balance has never felt more volatile. “There’s going to be a team this year we’re not thinking about that is going to do well,” Ferraro predicted. The Buffalo Sabres, for example, are desperate to snap a 14-year playoff drought but must shore up a leaky defense that ranked 29th in goals against last season. “They’ve got to cut 50 goals off their goals against if they’re going to have any kind of chance,” Ferraro said, highlighting the perennial challenge facing the franchise.
Coaching changes abound, with nine teams ushering in new bench bosses, including Mike Sullivan taking the reins of the New York Rangers and Joel Quenneville returning to coach Anaheim. The Rangers, in particular, are a wild card. “I’m a bit more bullish on the Rangers than Ray is,” Kaplan noted, citing Sullivan’s reputation for demanding structure and accountability. “As long as Igor Shesterkin looks like Igor Shesterkin, I see no reason why they can’t be one of the top teams in the league.”
Elsewhere, the league’s old guard faces new crossroads. Alex Ovechkin, fresh off breaking Wayne Gretzky’s career goals record, enters what may be his final NHL season, needing just three more goals to hit the 900 mark. The Capitals captain’s chase for immortality remains a must-watch storyline, with teammate Pierre-Luc Dubois quipping, “Knowing Ovi, it probably won’t take that long.” Sidney Crosby’s future in Pittsburgh is also up in the air, with persistent rumors about a possible trade. Kaplan, who recently visited Crosby in Pittsburgh, observed, “He is just so focused on what is in front of him. I don’t expect anything to happen until the Olympics. I think his focus is with the Penguins right now, fully with Canada and the Olympics in February, and then we’ll see what the landscape looks after that.”
This season’s schedule is jam-packed, with 909 games set before the Olympic break, followed by 403 more as teams jockey for playoff position. The league will also stage outdoor spectacles in Florida, including the Panthers hosting the Rangers in the Winter Classic on January 2, and the Lightning facing the Bruins in the Stadium Series on February 1. Plus, the Penguins and Nashville Predators will take their game to Sweden for a two-game set in November.
The return of NHL players to the Winter Olympics in Milan, Italy, marks a turning point for international hockey. “If you’re a hockey fan, it doesn’t get any better,” said Rangers and U.S. Olympic coach Mike Sullivan. “It puts the sport that we love on display to the world.” The excitement from the recent 4 Nations Face-Off lingers, and with superstars like McDavid, Crosby, and Nathan MacKinnon set to don their national colors, Olympic fever is already building.
With so many storylines in play—injuries, contract drama, coaching shakeups, and the lure of Olympic gold—the 2025-26 NHL season is primed for unpredictability and high drama. Whether the Panthers can overcome adversity and chase history, or a new contender emerges from the pack, one thing is certain: hockey fans are in for a wild ride. As the opening faceoff approaches, the league stands at the crossroads of tradition and transformation, ready to deliver another unforgettable chapter in its storied history.
