The Golden Knights have learned the hard way that deep playoff runs can leave a team running on fumes when the next season starts.
Vegas has now reached the Stanley Cup Final three times in nine seasons, and the pattern after those trips has been pretty clear: the legs get heavy, the margins get thin, and the regular season turns into a grind. The most recent example came in 2024-25, when the Knights followed their championship in 2023-24 with a start that looked every bit like a team riding a wave. They beat the Seattle Kraken 4-1 on Oct. 10, 2023, then won their first seven games and opened 11-0-1 while outscoring opponents 50-24.
That pace didn’t last.
November brought a 6-5-3 record, and December was only slightly better at 7-5-1, with Vegas barely edging teams 49-45. The strong opening gave them some cushion, but the back half of the calendar year was more ordinary at 13-10-4.
January started with two losses, and even after finishing 7-5-1 that month, the Knights were only plus-1 in goals, 36-35. February was the first losing month they’d had in almost a year, as they slipped to 4-5-1 and sat at 33-20-7 after 60 games.
March offered a modest push at 8-5-1, but they were outscored again, 44-42, and then closed the season 4-4-0. That left them with the second wild-card spot in the Western Conference and a first-round matchup with the Dallas Stars, who knocked them out in Game 7.
Vegas has seen this movie before.
Back in 2018-19, the Golden Knights were still riding the shockwaves of their first season and their run to the Final. They had gone 51-24-7 in the regular season, then rolled through the playoffs 12-3 before falling to Alex Ovechkin and the Washington Capitals in five games.
But the turnaround was quick. Their last game of the previous season came on June 7, 2018, and their next opener arrived just 117 days later on Oct.
- The new season began with a 5-2 loss to the Philadelphia Flyers, and Vegas was 1-4-0 before a three-game winning streak steadied things.
By the end of October, they were 5-6-1 and minus-7 in goal differential, 34-27. November improved thanks to a five-game winning streak to close the month, and December was strong at 9-3-3.
Through 42 games, the Knights were 23-15-4 with a plus-7 edge, 128-115. They even ripped off a season-best seven straight wins from Dec. 27, 2018, to Jan. 8, 2019, outscoring opponents 23-9, though they managed only one power-play goal on 19 chances.
January ended at 6-4-0, and through 52 games Vegas sat at 29-19-4.
Then the slide hit.
February was their first losing month since October, a 5-7-1 stretch in which they were outscored 47-38 and allowed 11 power-play goals on 42 chances. A 10-1-0 run from Feb. 26 to Mar. 21 kept them in the race for the division, but the finish was rough: 1-5-2 over the final stretch. Vegas ended the regular season 42-27-5, third in the Pacific Division with 93 points, eight behind the San Jose Sharks, who they faced in the first round.
That series went seven games and is remembered most for Cody Eakin’s five-minute major for cross-checking Joe Pavelski, which triggered a three-goal Sharks comeback in the third period before San Jose won in overtime.
The broader lesson for Vegas has been consistent. After a trip to the Stanley Cup Final, the Knights have still managed at least 43 wins the following season, but they haven’t been close to the top of the Pacific Division.
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The next big roster question in Vegas is not about adding another piece, but about what happens when two of the franchises most trusted veterans get closer to the end of their current deals. Mark Stone and William Karlsson have been central to the Golden Knights identity for years, from leadership in the room to the kind of on-ice reliability that has made both players fixtures in the community as much as on the depth chart.
What makes this especially tricky is the blend of importance and uncertainty around both players. They are over 30 and have each dealt with notable injuries in recent seasons, which complicates any long-term thinking even as the team knows how much they still matter. Vegas also has to weigh how hard it can be to keep cornerstone players on team-friendly terms, and the real tension is whether the Golden Knights can find a way to do that without forcing an uncomfortable choice. [Read more 🡒]
Bill Foley Is Making A New Push To Bring NBA To Vegas
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Foley is hardly alone in the chase. Other groups are lining up their own bids, including a Las Vegas effort led by Vinny Del Negro and Jerry Colangelo, with names like Magic Johnson, Bob Iger, Josh Kushner and Marc Lasry also connected to the market. For Vegas, the appeal is obvious: the building, the fan base and the momentum are already there. The question now is how the league sorts through the competition, and whether Foleys group can separate itself in a field that is getting crowded fast. [Read more 🡒]