Is the Golden Knights’ golden era ending? Not so fast — ‘We still expect to win’

LAS VEGAS — The Golden Knights have always been at their best when they feel they're being counted out.

The idea of playing with a chip on the shoulder is part of the fabric of the organization, and has been from its inception. It started in 2017, when forward James Neal created a text group chat titled "Golden Misfits," as a joke about how he and his Vegas teammates felt like castoffs from their former teams. That wasn't the reality, at least for most, but it helped fuel that team and a narrative that still exists eight years later.

The Golden Knights weren't underdogs for long after they entered the league. They've been contenders for the Stanley Cup in nearly every season to this point, with four trips to the conference finals. And yet they've still found ways to embrace the underdog mentality, such as in 2022-23, when they missed the playoffs for the first time. Many outsiders thought that signaled the closing of their championship window, but the players used the perceived doubt to fuel their Cup championship run in 2023-24.

That feeling seems to be back.

"It doesn't feel like last year because we're not the defending champs," coach Bruce Cassidy said. "That's a very unique situation. This feels like two years ago, where we're coming back and maybe there's doubt around the league about where the team is at, even though we know in the room there's a winning team with a winning culture that's been created."

No one expects the Golden Knights to be a bad hockey team. At 16-to-1, they have the ninth-best odds to win the Stanley Cup. They have the fourth-best odds to win the West, behind Edmonton , Colorado and Dallas . The Athletic's model projects Vegas for 95.9 points, with a 70 percent chance to make the playoffs and a two percent chance to win it all.

These projections don't exactly paint a gloomy outlook, but Golden Knights players still feel they're better than the public perception.

"People may not think (we're as good) because of whatever happened in the offseason," veteran defenseman Alex Pietrangelo said, "but we still think in this room that we're going to have a chance to win, and we've proven it to each other."

Vegas lost a lot of talent and leadership to free agency this summer. Losing the franchise's all-time leading goal scorer, and Conn Smythe Trophy winner, Jonathan Marchessault to Nashville drew most of the attention, but the Golden Knights also said goodbye to top-six center Chandler Stephenson , fourth-line bruiser William Carrier , veteran defenseman Alec Martinez , goaltender Logan Thompson and role players Michael Amadio and Paul Cotter .

That's the price of doing business when you operate as aggressively as the Golden Knights have over the last seven years. They've repeatedly cashed in future assets to bolster their chances to win in the present, and pushed the salary cap to its limit with every opportunity. Eventually, those bills come due, and this summer's exodus is the start of that.

This isn't an indictment of that strategy. It has largely been a success. The Golden Knights have the sixth-most regular season wins and second-most playoff victories since they entered the league, and the entire 2022-23 squad have their names etched in the Stanley Cup.

They did it.

The eight first-round picks that were traded away. The handful of fan favorite players who moved on to other teams. It was all worth it, because championships are forever. Nearly a third of the NHL has never won the Cup, and Vegas did it in short order.

The question is: Are they done?

Just as it eventually does with every contending team, the salary cap is catching up to the Golden Knights. This summer was the first sign of that. Next offseason could be another hurdle, with Shea Theodore 's deal ending and big money already invested in Pietrangelo and Noah Hanifin on the blue line. Vegas is still pressed against the cap ceiling, but with less depth than they've had at forward in some time. That's the biggest reason for the lowered outside expectations, but inside the walls of City National Arena, the expectations are still high.

"We want to be the team that everybody, not fears, but knows it's going to be a tough night every night," captain Mark Stone said. "We still believe that we can get back to that spot. We believe that we're one of the teams that ultimately has a chance to win what we want to win."

If the Golden Knights are to extend this championship window, they'll almost certainly accomplish it by doing exactly what Stone said: Being tough to play against. Vegas may have lost some scoring punch from the Cup-winning roster, but it still has one of the deepest blue lines in the league, strong goaltending in Adin Hill and a group of forwards that can defend with the best led by Stone and Jack Eichel . They'll still ice one of the biggest, strongest lineups in the NHL, and should be capable of bullying their way to plenty of victories.

Cassidy has reiterated throughout camp that the team will be looking to win with a defensive identity.

"I don't want to say (we're out to) prove people wrong, because that's not what we're in the business of," Cassidy said. "We're in the business of building our game throughout the course of the year so you have a chance at the end, and I feel like we're definitely in that category."

It won't be easy. The Golden Knights are no longer playing from the position of power they've had in the past, with three forward lines full of scoring talent. They'll be relying on younger players to take leaps in development, and veterans to remain healthier than they have lately. They also don't have the ammunition to load up at the trade deadline the way they've done in the past, with no more first-round picks until 2027.

With all of that said, bet against the Golden Knights at your own peril. This core has consistently proven they know how to win. They may need a few more bounces to go their way, but they're still capable of being one of the final teams left standing – something they've done better than just about any other franchise over the last seven years.

We may be entering the twilight of the Golden Knights' championship window, but they believe they're still very much inside it. The expectations from within remain sky-high, as they've always been. Cassidy embraces those expectations.

"You might have a little less scrutiny or pressure or whatever word you want to use (with lower expectations), but I like to win," Cassidy said. "I enjoyed the feeling of winning a Stanley Cup, and I'd take the pressure that comes with it to do it over again. I think it's why we're in the sport, to be honest."

His captain agrees.

"We didn't win last year, and we expect to win," Stone said. "Once you get that feeling, you want it back."

(Photo of Mark Stone: Ethan Miller / )