The Edmonton Oilers have made it to back-to-back Stanley Cup Finals, only to lose to the same team twice: the Florida Panthers.
The Florida Panthers are a legitimate juggernaut and can arguably be considered one of the best teams of the past decade—making the Cup Final three years in a row and winning the last two. They can beat you in any way: off the rush, the fore-check cycle, and whether the game calls for finesse or physicality.
So how do we evaluate the Oilers in comparison -- not just to Florida, but also to the Toronto Maple Leafs?
Edmonton has two of the biggest stars in the game, but Toronto isn’t far behind. With superstar and captain Auston Matthews leading the way, the Leafs also boast William Nylander, who’s made huge strides in recent seasons, and of course, Mitch Marner, who continues to lead the team in points almost every year. But as expected, Marner is most likely on his way out. So the question becomes: What can the Maple Leafs learn from the Oilers' defeat?
1. Team Construction & Cap Allocation
Let’s start with how the Oilers are built. A significant portion of their cap space goes to their top two players—Connor McDavid and Leon Draisaitl—who have a combined cap hit of $21 million. That figure will rise to $26 million next year and likely more when McDavid re-signs. It's hard to argue they’re overpaid given their production—both in the regular season and playoffs—but this top-heavy structure can come at a cost.
Their supporting cast includes Ryan Nugent-Hopkins, Zach Hyman, Evan Bouchard, Darnell Nurse, Mattias Ekholm, and Stuart Skinner. But the key takeaway from their loss to Florida was the lack of depth scoring. The Panthers had contributions from across their lineup, with nine players putting up 15 or more points in the playoffs. Edmonton had only four.
That’s a stark contrast and a lesson for Toronto: you need secondary scoring. And the only way to build that depth is by maintaining cap flexibility. Spending too much on a few stars—no matter how talented—can limit your roster when it matters most. Ironically, Marner’s departure could help the Leafs if those dollars are reallocated toward two impact players.
2. Goaltending Matters - A Lot
Goaltending is the most important position on the ice. Skinner and Pickard had their moments, but more often than not, they just weren’t good enough. Whether it was a soft goal or a poorly timed one, the Oilers were at a disadvantage in net. If you're asking, “Who starts Game X of the Stanley Cup Final?”—you're in trouble.
The Leafs might be in a better position here, with a tandem of Anthony Stolarz and Joseph Woll. Stolarz looked sharp in the series against Ottawa and during the brief time he played against Florida before a concussion sidelined him. You have him for one more year at a $2.5 million cap hit. Woll comes in at $3.66 million next season. While he showed flashes in the regular season, he struggled in the playoffs—often getting beaten clean from outside the faceoff dots. Looking beyond next season, the Leafs must secure a true No. 1 goaltender if they hope to contend. Otherwise, it’ll cost them when it counts.
3. The Blue Line Balance
Surprisingly, the Oilers got solid contributions from their defense in the playoffs, even without their top shutdown defenseman, Mattias Ekholm, missing the first few rounds. What they lacked in raw defending, they made up for in puck movement. But the issue was clear: they couldn’t defend the middle of the ice against Florida. The Panthers have a well-balanced blue line—defenders who can move the puck and play physically.
Edmonton struggled with Florida’s relentless forecheck and were too reliant on puck movers. Ironically, the Leafs are the opposite. They have defensemen who can defend the middle but lack true puck movers who can transition the play and relieve pressure. To succeed, a team needs si defensemen who can either move the puck, defend well, or ideally, do both.
Final Thoughts
The Edmonton Oilers are still an elite team, and making two straight Cup Finals is a huge accomplishment. But they have clear holes that prevented them from winning it all.
If the Leafs can learn from this—by improving their depth, locking down their goaltending situation, and balancing their blue line—they may finally be the team to bring Lord Stanley back to Canada.