As defending Stanley Cup Champs in 2023-24, the Golden Knights snuck into the playoffs as the eighth seed, setting up a first-round matchup with the powerhouse Dallas Stars. After winning the first two games on the road, the series went the distance, with Vegas falling in Game 7.

The 2024 off-season started quietly. Their biggest free-agent signing was Victor Olofsson, and after making major deadline moves the year before, adding Noah Hanifin and Tomáš Hertl, the 2025 trade deadline was muted by comparison. The only notable move saw Vegas re-acquire original Golden Knight Reilly Smith from the New York Rangers for a 2025 third-round pick and Brendan Brisson.

By season’s end, Vegas posted a 50-22-10 record and 110 points, the best mark in the Pacific Division. Like the Kings, they were dominant at home, going 29-9-3 at T-Mobile Arena.

After dispatching the Minnesota Wild in six games, the Golden Knights met the Edmonton Oilers in the second round for the second time in three years. Despite losing just 12 games in Vegas all season, they dropped the first two at home to Edmonton. Game 3 was a wild one, ending with just 0.4 seconds left when Leon Draisaitl accidentally deflected the puck into his own net, the last goal Vegas would score all season.

The Oilers shut them out 3-0 in Game 4 in Alberta, and Kasperi Kapanen scored in overtime in Game 5 to send Edmonton to the Western Conference Final.

Seen as a contender, it was a disappointing end to what had been an excellent regular season. Jack Eichel set a new career-high with 28 goals and 94 points in 77 games. When healthy, Mark Stone chipped in 19 goals and 67 points in 66 games, and veteran Tomáš Hertl had one of his best campaigns with 32 goals and 61 points in 73 games.

On the back end, Shea Theodore cemented himself as one of the league’s better defencemen, producing seven goals and 56 points in 67 games. Pavel Dorofeyev enjoyed a breakout year, scoring 35 goals and 52 points. Depth was another strength, with Ivan Barbashev, Brett Howden, Nicolas Roy, Keegan Kolesar, and others contributing in key moments.

Between the pipes, Adin Hill delivered a solid season, posting a .906 save percentage and 2.47 goals-against average in 50 appearances.

Even with one of the West’s top rosters, the Golden Knights couldn’t get past the Oilers, who iced Connor McDavid and Leon Draisaitl in their primes. Draisaitl was a major factor in limiting Eichel, who went goalless in the series despite recording five assists. Vegas’ solution? They landed the biggest free agent available: Mitch Marner.

Coming off a 102-point season, it was clear the Maple Leafs wouldn’t be able to afford to keep the Toronto native around. The Golden Knights sent centre Nicolas Roy in exchange for the soon-to-be free agent Marner and inked him to an eight-year, $96 million extension before he could reach the open market.

To make cap space, Vegas also dealt Nicolas Hague to Nashville along with a 2027 third-round pick, getting Jérémy Lauzon and Colton Sissons in return. Outside of Marner, the off-season was about retention, re-signing Brandon Saad and Reilly Smith.

Not all news was good, though. Early in the off-season, Alex Pietrangelo announced he would step away in 2025-26 to undergo hip surgery. His future is uncertain, and he may have played his final NHL game, which would be a major blow to Vegas’ defence.

Simply put, Mitch Marner needs to fit. The Golden Knights are without their 2026 first-round pick after trading it to Calgary for Hanifin, and their farm system is thin, with Trevor Connelly as the top prospect.

Adding to the urgency: Jack Eichel is set to become a free agent after the 2025-26 season. That makes the upcoming year potentially the Golden Knights’ best shot at a second Stanley Cup, at least before the roster inevitably changes.