The Avalanche are the early favorites to win the Stanley Cup next year, with the Maple Leafs and Oilers behind them. Jason Chen looks at BetMGM's odds and analyzes the value.

We’re still processing the Golden Knights winning their first Cup, and BetMGM has already revealed their odds for next season’s champion.

With the NHL draft just two weeks away and free agency set to begin just days after, there’s really no time to waste. There’s been plenty of trade chatter, including potential seismic changes for the Jets. 

After seeing the past winners use LTIR to their advantage during the season, it’ll be interesting to see how teams will leverage cap space, especially since the cap is not expected to see a significant increase until the 2024-25 season.

Will the Knights be able to defend their championship if they don’t bring back impending UFAs Adin Hill and Ivan Barbashev? And what about Conn Smythe winner Jonathan Marchessault, Chandler Stephenson and Alec Martinez next summer?

Considering the raft of injuries the Panthers went through, including a broken sternum to top scorer Matthew Tkachuk that kept him out of Game 5, will they recover in time to mount another challenge next season?

Here’s a look at BetMGM’s futures odds for the 2024 Stanley Cup champion with a look at the value. Please play responsibly.

Colorado Avalanche – 9.00

It's interesting the Avs are back in the top spot after getting ousted in the first round. They will not have Gabriel Landeskog in the lineup this upcoming season, which was a hole they tried to fill all of this past year, and the status of Valeri Nichushkin is up in the air. The core is intact, but figuring out the rest of the roster will be difficult. Pass – there is better value out there.

Edmonton Oilers and Toronto Maple Leafs – 10.50

The consensus finalists – especially if you're partial to Canadian teams – both saw their bids end early in Round 2 against the eventual finalists. Both teams will be in contention because of their elite talent, but they must address their weaknesses. If the Oilers can find a more reliable goalie and better defensive depth, and the Leafs can get past their mental block and find a more cohesive identity from top to bottom, they’re certainly worth the risk.

Boston Bruins – 11.00

Like the Avs, the Bruins potentially face a sea change to their roster. Topping a historic season is difficult, and there’s just no replacing Patrice Bergeron should he choose to retire. There’s a massive hole at center and not enough talent coming up. Until it’s clearer which direction the Bruins are going, there’s no point betting on them now.

Carolina Hurricanes, New Jersey Devils and Vegas Golden Knights – 13.00

This is where it gets interesting. The Hurricanes are likely going big-name hunting again, but it’s harder to predict whether or not they can get past the mental hurdle. They’re 0-12 – yup, three straight sweeps –in the Eastern Conference final since winning the Cup in 2006, and that gives me a lot of pause.

The Devils are really intriguing here. Vitek Vanecek in net gives me pause, but the Knights showed you can win if your structure is good and your defense is stout. But do the Devils have an Alex Pietrangelo-type who can do it all? I say no, but their incredible collection of scoring talent is intriguing. It’s like they’re the Oilers of the East.

The cap era brought parity, but there are a few select teams that remain at the top. The Knights can run it back one more time without losing too many key players, and the Knights will remain the most complete team. I have no problems picking the Knights at these odds.

New York Rangers – 15.00

I think Peter Laviolette will be a good fit, even though he hasn’t advanced past the first round since he took the Preds to the final. He’s a win-now type of coach and favors veterans, and the Rangers have an experienced group with elite players at every position. The Rangers attract a lot of betting attention because of their big fan base, and I’d be willing to take the odds here before it moves up.

Tampa Bay Lightning and Dallas Stars – 17.00

The odds for the Lightning are good if you think the longer-than-usual summer break will do them good. They’re a bit top-heavy, and Nikita Kucherov, Steven Stamkos and Victor Hedman are on the wrong side of 30. Their depth is questionable, though I trust Jon Cooper to make the necessary adjustments. Better to see how the Lightning do during the season before betting on an aging group.

The Stars feel like the more solid bet. Their top line will stay intact, Miro Heiskanen is elite, and some of their younger players, such as Ty Dellandrea and Thomas Harley, are making a significant impact. They need more scoring from their depth, and the players to watch are Wyatt Johnston and Logan Stankoven. They can tip the scales.

Florida Panthers – 19.00

They’re the defending champs in the East, but this feels appropriate. The Panthers’ laundry list of injuries means their lineup will look vastly different at various points in the season, and Paul Maurice expected as much. It’s a lot to overcome after a wonderful Cinderella run, and if an eight-day break between the conference final and the final wrecked their momentum, a months-long summer will certainly erase all of it.

Calgary Flames – 26.00

Will simply having a new voice in the room really turn things around for the Flames? It’s classic Flames – different but also more of the same, opting for a familiar face in Ryan Huska rather than really splurging and trying to get a big name. It could work, but the big what-ifs surround Jonathan Huberdeau and the futures of Elias Lindholm and Mikael Backlund. The Pacific is tough, as we found out in the playoffs, and there are too many variables to get a good read on the Flames right now.

Minnesota Wild – 31.00

The Wild started slow and looked like they were on a path to a rebuild, but then played like a top-10 team from December. Which one is it? The roster doesn’t look very strong on paper, and they punched above their weight. With cap space still a premium until 2028-29 when Zach Parise and Ryan Suter’s cap penalties expire, it’s hard to see the Wild make significant improvements until the following off-season in 2024, when the cap is expected to go up by more than $1 million.

Pittsburgh Penguins – 36.00

We may be viewing Kyle Dubas through rose-colored glasses considering the public seems to have sided more with him than MLSE, but there’s a ton of optimism. If there’s something Dubas wants, he goes out and gets it, and the Pens have a lot of needs. It hasn’t always worked out when Dubas added sandpaper to the bottom six, shore up his blueline or swapped goalies, but the intent is clearly there. He has his work cut out for him, but any team led by Sidney Crosby has a chance. There’s some value here, depending on Dubas’ plan.

Buffalo Sabres and Ottawa Senators – 41.00

I suspect the line for these two up-and-coming teams will move a lot. The Sabres almost backdoored their way into the playoffs, and the Sens should feel optimistic behind new owner Michael Andlauer. Both teams are long shots, but it may be worth the cost just to follow two really fun teams during the season.

Winnipeg Jets, Detroit Red Wings, New York Islanders, Seattle Kraken and Vancouver Canucks – 51.00

It's a real mixed bag here.

Right off the bat, the Jets don’t seem to have the conviction to go for it, so cross them off the list because there’s no value. If the rumors are followed through, and the core of Connor Hellebuyck, Pierre-Luc Dubois, Mark Scheifele and Blake Wheeler is broken up, the Jets’ odds will plummet.

We’re a tad early to be jumping on the Wings wagon because their best shot might be when Lucas Raymond, Simon Edvinsson, William Wallinder and Sebastian Cossa become reliable core players. If Steve Yzerman doesn’t think they’re close, then he’s also not going to make any win-now moves until the team shows him otherwise, meaning he won’t overpay just so they can make the playoffs or get past the first round.

The Islanders and Kraken will be dark horses and should probably have better odds. The Isles have an older roster, which would be the primary concern in a league that now values quickness and speed. The Kraken don’t have that elite No. 1 center yet – perhaps Matty Beniers, one day – and Aleksander Barkov and Jack Eichel proved that you probably should get one.

The Canucks are talented, but their cap situation is such a mess that they can’t be competitive until major roster moves are made. The problem is, everyone knows that’s the Canucks’ problem, and none will help them out. It’s a multi-season fix, and whether or not management recognizes that is still TBD.

Nashville Predators, St. Louis Blues and Washington Capitals – 67.00

The Preds and Blues are an easy pass because they both require some significant roster changes to be competitive. The Caps are interesting; they are clearly in win-now mode with three years remaining on Alex Ovechkin’s deal, and their top five players and Darcy Kuemper are all older than 31. Evgeny Kuznetsov should fetch well, and a healthy Tom Wilson, Nicklas Backstrom and John Carlson make a huge difference. If Spencer Carbery can get the Caps' PP back to elite status again, they could have a very good regular season and set them off for another playoff run.

Columbus Blue Jackets – 101.00

Easy pass, and not because acquiring Damon Severson, Ivan Provorov and Mike Babcock were bad moves. It’s just a lot of change and risky win-now moves for a roster that wasn’t close to being competitive. I suspect it’ll be a very up-and-down season as they try to flesh out a new identity and find spots to fit everyone.

Chicago Blackhawks and Philadelphia Flyers – 151.00

Connor Bedard probably juices the Hawks’ odds from the very bottom, but this is a team in need of a ton of work. The good thing is, unlike some of the teams with better odds, the Hawks know exactly where they stand.

The Flyers should be at the bottom, considering they’re in the midst of a teardown and probably looking more towards Mack Celebrini, the consensus No. 1 pick in 2024 so far, rather than thinking about the playoffs.

Arizona Coyotes, Montreal Canadiens, San Jose Sharks and Anaheim Ducks – 251.00

Could the Habs overachieve? Potentially, considering how well they’ve taken to Martin St-Louis, and Kent Hughes has made some shrewd moves so far. That’s the only team in this tier that presents some value, but they’re still very far away from being competitive.