We are living in the height of the parity era in the NHL, so it's hard to clearly identify even five of the top 2025 Stanley Cup candidates, but 15 feels like too much. In the spirit of honesty and in light of the ever-changing free-agency period, there are 12 teams I genuinely believe could win the 2025 Stanley Cup.

Which 12 have a legit chance to win it all in 2025 and why? Read on.

12. Tampa Bay Lightning

If the Lightning have shown us anything, they've shown us that they don't care if the rest of us believe their window is closed. They've hung on and been competitive for years after their dynasty run, and they've had to make tough decisions to do so. The latest was swapping homegrown captain Steven Stamkos for Jake Guentzel, a move that also helped keep Victor Hedman around long term.

I respect the refusal to give up so long as world-class goaltender Andrei Vasilevskiy is still in the fold.

11. Nashville Predators

I need to give credit where it's due to the Nashville Predators: I'd urged them for a few years to blow it up and get out of the first-round no-man's land of the mid, but they hung on just long enough to make a few moves to become exciting again.

Obviously that starts with keeping goaltender Juuse Saros and deciding to go with it. It's been a treat watching Barry Trotz enter his GM era and make some competitive moves that improved the roster at only draft-pick costs at the trade deadline.

He's making more statements of belief in the team during this free-agency period now, snagging Steven Stamkos, Jonathan Marchessault and Brady Skjei to bolster up the lineup all around.

10. New Jersey Devils

Very rarely is a problem so clear and a solution so simple as was the case for the 2023-24 New Jersey Devils. Even more rare was the front office not galaxy-braining it and actually providing that simple solution.

The Devils were losing games they had no business losing because of goaltending. They were also losing games they probably had some business losing because of injuries and a weaker defensive core, but the goaltending thing was the glaring issue.

Enter Jacob Markstrom, and while the Devils are at it, enter solid-as-they-come defenseman Brett Pesce. Also enter new head coach Sheldon Keefe.

With a healthy Dougie Hamilton and some necessary improvements, the Devils should bounce back from a disappointing season.

9. Carolina Hurricanes

The Hurricanes have been a popular Cup favorite throughout the last six years in which they never missed the playoffs and made it to the Eastern Conference Final twice. But the end of that window has been looming. Getting swept twice in the ECF appearances has reeked of missed opportunity.

We knew there were major contract negotiations to deal with this offseason, so the front office gave the core one more big push to win it all together in acquiring Jake Guentzel at the deadline. The Canes fell to the Rangers in the second round in dramatic fashion, and the tough contract decisions with minimal cap space have started rolling in this free agency period.

So far, Carolina has lost Guentzel, long-time core players Brett Pesce and Teuvo Teravainen, Brady Skjei and Stefan Noesen among others. Evgeni Kuznetsov cleared waivers Thursday to sign a deal in the KHL. They've reacquired enticing defense option Shayne Gostisbehere, though, and added a surging Sean Walker. They've also re-signed alternate captain Jordan Martinook, inexpensive-yet-effective up-and-comer Jalen Chatfield, and added William Carrier, Jack Roslovic, Eric Robinson and Tyson Jost.

Kuznetsov off the books leaves the Canes with $13.86 million in cap space, and with Seth Jarvis and Martin Necas to re-sign.

No matter how those negotiations shake out, the Hurricanes are returning a worse team on paper, and it's tough to see them advancing past what they've already accomplished given the circumstances and the parity around the league. That said, they're still in the conversation, Jarvis has the potential for superstardom after his breakout season, and maybe Pyotr Kochetkov will find some magic. No one should totally count the Canes out just yet, even if the path is harder.

8. Toronto Maple Leafs

There are still a few months before training camp, but it's looking like Mitch Marner—along with the rest of the Maple Leafs' core—is staying put. As cursed as this franchise is, and as much as it has "choked' in the postseason, objectively this is still one of the best teams in the league.

Perhaps keeping the core together and the addition of Cup-winning head coach Craig Berube will light a last-ditch fire under the core four before Marner walks in free agency next offseason.

7. Vegas Golden Knights

Is the aggressive nature of the Golden Knights finally catching up to them? If you're a Vegas fan, you'll take the quick cup and constant relevancy any day and twice on Sundays, but letting Jonathan Marchessault go unhappily, trading Logan Thompson during an autograph session, and *gestures towards everything else over the past half-decade* might finally be catching up to them. The forward group is dwindling, and the best of the West remain ferocious.

Even so, they've got a competitive, playoff perennial team and I don't expect them to immediately leave the conversation. I'm never leaving Mark Stone and Jack Eichel out of a Cup conversation, that's for certain.

6. Vancouver Canucks

The Canucks were sadly hanging by a thread for much of the 2024 playoffs, when it should've been an encore of their vibey season. Even then, it still sort of was—with random heroes and likely heroes abound, but leading scorer Brock Boeser's illness was too much to surpass the Oilers. It was devastating to see Vezina finalist goalie Thatcher Demko go down in the first round as well, but since he didn't rush back and took care of himself, he has gifted the team a strong opportunity to build and contend once again this season.

Run it back with some confidence, Vancouver!

5. Colorado Avalanche

Speed, strength and a Hart Trophy winner in Nathan MacKinnon whose spirit knows no bounds. There's nothing better to build a team on than a center who is equal parts hard working and talented, a defenseman who is just the same, and a speed and intensity the two have cultivated. It's tough in the West, but there's a reason the Avalanche refuse to go away.

4. New York Rangers

Alexis Lafreniere's breakout season, paired with the big hitters continuing to hit big, told me everything I needed to know about the Rangers headed into next season. It's been disappointing for sure as the team and its leaders have tried to figure it all out, but it feels like Lafreniere paces the team in that way.

You've got the best goalie in the world in Igor Shesterkin, a crew of still-productive veterans and Vinny freaking Trocheck. It's all clicking, and Peter Laviolette will be the one to bring a Cup to Madison Square Garden—with or without Jacob Trouba.

3. Dallas Stars

After a second consecutive trip to the Western Conference Final with nothing to show for it, the Dallas Stars are officially the scariest, most consistent team of all the Cupless contenders.

As their youth movement including Wyatt Johnston and Logan Stankoven keeps growing, though, you feel like this franchise is only moving in a positive direction.

2. Florida Panthers

Name one reason why the Panthers can't run it back. You can't, right?

Florida already took care of leading goal scorer Sam Reinhart. The Panthers did let go of Vladimir Tarasenko (who they got at a discount, and was very overpaid by the Red Wings), and Brandon Montour (who was fairly paid by the Kraken).

1. Edmonton Oilers

Making it to the Stanley Cup Final, losing in devastating fashion, coming back and winning it all? So hot right now.

In all seriousness, it's almost more difficult to do what the Oilers did and almost come back from the brink of elimination, than to win the Cup itself.