The 2025 Stanley Cup Playoffs have begun with 16 teams looking to be the last one standing after four grueling rounds of playoff hockey action. The Florida Panthers return to defend their championship, but will have to contend with regular-season powerhouses including the Winnipeg Jets, Washington Capitals and the Edmonton Oilers.

The Panthers first have to contend with their cross-state rival Tampa Bay Lightning, but got off to a strong start in Game 1 with 6-2 road win. The victory saw the Panthers leapfrog several teams to be given the second-shortest odds behind only the Carolina Hurricanes, who have emerged as the Eastern Conference favorites thanks to a 2-0 series lead over the banged-up New Jersey Devils.

The Toronto Maple Leafs, looking to snap the longest championship drought in NHL history, are up 2-0 on their provincial rivals, the Ottawa Senators, and are now among the top five favorites. The Capitals took care of business in Game 1 against the Montreal Canadiens with Alex Ovechkin scoring his first career playoff OT winner and followed it up with a Game 2 victory to take a commanding series lead.

In the West, two of the favorites clash in the first round as the Dallas Stars take on the Colorado Avalanche with the teams trading wins in Games 1 and 2, followed by a Game 3 road win by the Stars which saw the teams essentially trade places in the odds race. The Jets have a 2-0 series lead on the St. Louis Blues, while the Vegas Golden Knights and Minnesota Wild traded wins in Games 1 and 2. The Oilers lost both their road games to the Los Angeles Kings, who are considered the favorite in this series, and must now win at home to get back into the race.

Last year's Conn Smythe Trophy winner, Connor McDavid, won the top award for playoffs MVP despite his team not winning the championship. This year, he hopes to win it again, but on a happier note. Below, you can see all of the top favorites for Conn Smythe, as well as the odds for every team to win their opening-round series, advance to, and to win the Stanley Cup.

All odds accurate as of publish time. For more, go to ESPN BET.

Odds to win Conn Smythe trophy

The Conn Smythe is awarded to the player deemed to have been the most valuable to his team throughout the playoffs. Players listed with 200-1 odds or better. More odds available at ESPN BET..

Connor Hellebuyck, Jets: 12-1
Sebastian Aho, Hurricanes: 15-1
Jack Eichel, Golden Knights: 16-1
Anthony Stolarz, Maple Leafs: 18-1
Nathan MacKinnon, Avalanche: 18-1
Aleksander Barkov, Panthers: 20-1
Alex Ovechkin, Capitals: 20-1
Auston Matthews, Maple Leafs: 20-1
Matthew Tkachuk, Panthers: 20-1
Seth Jarvis, Hurricanes: 20-1
Adrian Kempe, Kings: 25-1
Cale Makar, Avalanche: 25-1
Darcy Kuemper, Kings: 25-1
Frederik Andersen, Hurricanes: 25-1
Jake Oettinger, Stars: 25-1
Mitch Marner, Maple Leafs: 25-1
Nikita Kucherov, Lightning: 25-1
Andrei Vasilevskiy, Lightning: 30-1
Connor McDavid, Oilers: 30-1
Kyle Connor, Jets: 30-1
Logan Thompson, Capitals: 30-1
Mark Scheifele, Jets: 30-1
Sam Reinhart, Panthers: 30-1
Sergei Bobrovsky, Panthers: 30-1
Tomas Hertl, Golden Knights: 30-1
Anze Kopitar, Kings: 40-1
Leon Draisaitl, Oilers: 40-1
Logan Stankoven, Hurricanes: 40-1
Adin Hill, Golden Knights: 50-1
Brayden Point, Lightning: 50-1
Dylan Strome, Capitals: 50-1
Kevin Fiala, Kings: 50-1
Kirill Kaprizov, Wild: 50-1
Mackenzie Blackwood, Avalanche: 50-1
Mark Stone, Golden Knights: 50-1
William Nylander, Maple Leafs: 50-1
John Tavares, Maple Leafs: 60-1
Andrei Svechnikov, Hurricanes: 75-1
Jaccob Slavin, Hurricanes: 75-1
Matt Boldy, Wild: 75-1
Mikko Rantanen, Stars: 75-1
Pavel Dorofeyev, Golden Knights: 75-1
Roope Hintz, Stars: 75-1
Wyatt Johnston, Stars: 75-1
Brady Tkachuk, Senators: 100-1
Connor McMichael, Capitals: 100-1
Filip Gustavsson, Wild: 100-1
Jason Robertson, Stars: 100-1
Linus Ullmark, Senators: 100-1
Miro Heiskanen, Stars: 100-1
Nico Hischier, Devils: 100-1
Pyotr Kochetkov, Hurricanes: 100-1
Quinton Byfield, Kings: 100-1
Sam Bennett, Panthers: 100-1
Tim Stutzle, Senators: 100-1
Brandon Hagel, Lightning: 150-1
Jacob Markstrom, Devils: 150-1
Jake Guentzel, Lightning: 150-1
Jordan Binnington, Blues: 150-1
Joseph Woll, Maple Leafs: 150-1
Martin Necas, Avalanche: 150-1
Matt Duchene, Stars: 150-1
Pierre-Luc Dubois, Capitals: 150-1
Shea Theodore, Golden Knights: 150-1
Thomas Harley, Stars: 150-1
Tom Wilson, Capitals: 150-1
Valeri Nichushkin, Avalanche: 150-1
Victor Hedman, Lightning: 150-1
Aliaksei Protas, Capitals: 200-1