Inside the NHL’s Power Brokers: Who Truly Runs the League’s Most Dominant Franchises?

When it comes to the NHL’s front offices, reigning supreme is no small feat—yet the Florida Panthers have managed to do just that, not once but twice in a row. They’ve cemented their status atop The Athletic’s latest NHL front-office rankings, an exclusive take from the very architects of hockey strategy: top general managers, assistant GMs, senior advisers, and scouting directors. After securing back-to-back Stanley Cup victories, the Panthers’ front office earned not just admiration but near-universal acclaim across 27 organizations, with a sharp eye towards the sustained excellence required to keep a powerhouse afloat in a fiercely competitive league. This year’s balloting, cloaked in anonymity to encourage honest appraisal, reveals a landscape where some teams soared into the top echelons, others slipped through the cracks, and a select few held their ground. Pull up a chair as we delve into the 2025 rankings and unpack what sets these franchises apart in the chess game of NHL management. LEARN MORE

This article is part of our Rankings & Tiers series, an evaluation across sport about the key players, front offices, teams, franchises and much more.

By Chris Johnston, Michael Russo and Sean Gentille

If one Stanley Cup victory lap doesn’t do the trick, might as well take another.

The Florida Panthers’ second straight championship was enough, at least, to push them to the top of The Athletic’s NHL front-office rankings, as voted on by many of the league’s top decision-makers.

For the second straight season, we asked high-ranking league executives — general managers, assistant GMs, senior advisers and scouting directors — who they felt were the league’s best-run clubs.

The execs, who spanned 27 organizations and included half of the league’s GMs, were asked to rank the league’s top five front offices.

First-place votes were worth 10 points, second-place seven, third-place five, fourth-place three and fifth-place one. Participants were granted anonymity for their votes and comments to allow them to speak freely, and they were not allowed to vote for their own teams.

The Panthers, indeed, ran and hid with the title. Four other teams received first-place votes, four more jumped into the top 10 and three crashed out, going from the top 10 to receiving zero votes.

Here are the final rankings for 2025, along with execs’ assessments of their peers.

1. Florida Panthers

Total points: 311 (25 first-place votes, appeared on 36 ballots)
Owner: Vincent Viola
GM and president of hockey operations: Bill Zito
Last year: 3

A year ago, despite winning the Stanley Cup for the first time in their history, the Panthers received just nine first-place votes out of 40. This time, our panel had seen enough. There was no longer any concern about recency bias — just respect for the beast Zito and Co. have constructed and sustained.

Some of that respect was a bit … begrudging. “As unlikeable as they are,” one Eastern Conference exec said, “you have to give them credit.”

In any case, no franchise has been more effective in more areas than the defending champs.

“Bill and his team have done an exemplary job in pro scouting, asset management and team building,” one Western Conference assistant GM said. “They find undervalued players and pay rock-bottom acquisition costs. It’s one thing to consistently find value like they have. But they know who their team is and how they want to play, and they’ve done a better job than most in supporting their superstars with like-minded and similar-styled support players.”

Florida’s status as a no-tax state might help in some regards, as some on our panel noted, but there’s plenty more to it. Florida’s approach to cap management — Sam Bennett, Brad Marchand and Aaron Ekblad serving as the most recent examples — is second to none.

“Everybody says the tax thing,” an Eastern Conference GM said, “but you’ve still gotta make it work.”

2. Dallas Stars

Total points: 212 (6 first-place votes, appeared on 34 ballots)
Owner: Tom Gaglardi
President and CEO: Brad Alberts
GM: Jim Nill
Last year: 1

For the third consecutive season, Nill won the Jim Gregory Award, given to the league’s top GM as voted upon by his peers. Voting is completed before the Cup is awarded — and that must be noted, given that the Stars’ season ended in the Western Conference final for the fourth time in six years.

What also must be noted is the respect that Nill’s work commands from other organizations. Dallas’ approach to drafting and developing is, on its own, enough to put them near the top of any list like this, even without winning the ultimate prize. Nill and his team have built a true contender despite rarely drafting from premium spots. They’ve also shown the ability to add premium talent such as Mikko Rantanen on the fly.

One Western Conference assistant GM, who had them fourth on his ballot, called Dallas “the Derek Jeter of management teams, quietly executing on their strategy and consistently adding value without a lot of hype.

“Their superpower is in limiting mistakes, but they’ve also shown a willingness to take calculated risks,” the exec added. “Part of why they’re able to do what they do is because of their success at the draft table, where they consistently outkick their coverage.”

3. Tampa Bay Lightning

Total points: 97 (4 first-place votes, appeared on 15 ballots)
Owners: Doug Ostrover and Marc Lipschultz
Chairman and Governor: Jeff Vinik
GM: Julien BriseBois
Last year: 2

It’s been four seasons since the Lightning last won the Cup, but they’ve maintained their esteem among the rest of the league.

Part of that is due to BriseBois’ stomach for making tough decisions. Maximizing the window with Nikita Kucherov, Victor Hedman, Brayden Point and Andrei Vasilevskiy is the name of the game, and BriseBois plays it well.

One panelist said that with better health in the first round against Florida, the Lightning could’ve won it all for a third time.

As one Western Conference assistant GM who had them second on his ballot put it: “No team has shown the ability to roll with the punches like they have — to maintain their roster despite cap and asset limitations while still putting out an elite on-ice product that is able to challenge for the Cup every year.”

Julien BriseBois was hired as GM of the Lightning in 2018 and won the Stanley Cup with the team in 2020 and 2021. (Mike Ehrmann / Getty Images)

4. Winnipeg Jets

Total points: 77 (appeared on 21 ballots)
Owner: Mark Chipman
GM: Kevin Cheveldayoff
Last year: 16

No team rose more than the Jets, who won the Presidents’ Trophy last season behind an MVP performance from Connor Hellebuyck and an improved group around him.

Cheveldayoff and Co. earned high marks for making the most of a relatively small staff and for retaining top talent — most recently star winger Kyle Connor, who this month signed an eight-year, $96 million contract extension.

“They have no geographical or financial advantages, but they’ve built a quality team that has had a lot of success,” a Western Conference assistant GM said. “They are able to retain their stars. And they’ve been able to make quality trades.”

Those circumstances pushed Winnipeg up the list despite the fact that they haven’t made a conference final since 2018.

“The job that group has done to stay competitive in that market is impressive,” an Eastern Conference front-office exec said. “(They’re a) very loyal, very tight group, and while they haven’t broken through, to remain competitive like that is impressive.”

5. Vegas Golden Knights

Total points: 76 (appeared on 26 ballots)
Owner: Bill Foley
President of hockey operations: George McPhee
GM: Kelly McCrimmon
Last year: 4

Call the Golden Knights’ approach what you will — our panel alternately referred to it as bold, aggressive and ruthless — but the results are undeniable.

Vegas’ front office can be counted on to chase star players and find a way to reel them in, most recently Mitch Marner. That leaves them with a deserved rep as a group that “will do anything to improve,” as one Eastern Conference assistant GM said.

Their pro player evaluation and salary cap management also earned targeted praise from a Western Conference president.

“They have a strategy, and they have shown great flexibility, creativity and originality in executing it,” a Western Conference assistant GM said. “They don’t shy away from ambitious moves and aren’t afraid to risk upsetting the apple cart — and they’ve maintained their culture and stability despite a fair amount of roster churn over the years.”

6. Colorado Avalanche

Total points: 57 (1 first-place vote, appeared on 16 ballots)
Owner: Stan Kroenke
President and governor: Josh Kroenke
President of hockey operations: Joe Sakic
GM: Chris MacFarland
Last year: 6

No Cup champion from the past six years ranks lower than the Avalanche, but their recent on-the-fly retool earned them plenty of credit. The supporting cast around Nathan MacKinnon and Cale Makar now includes Martin Necas and Brock Nelson. Both were added midseason, with Necas as the primary return in the Mikko Rantanen deal.

“A lot of changes from the beginning of last year,” a Western Conference assistant GM said. “Lots of moves, and (they’re) built better now. Not easy to do in a year.”

Other panelists conveyed the same sentiment: that this remains a roster capable of Cup contention, and that the front office managed to fill holes under challenging circumstances.

As one Eastern executive put it: “I thought, although it didn’t work, they really did a good job at the deadline last year and had a good offseason.”

7. Montreal Canadiens

Total points: 44 (1 first-place vote, appeared on 13 ballots)
Owner: Geoff Molson
President of hockey operations: Jeff Gorton
GM: Kent Hughes
Last year: 11

Montreal exited its rebuild with a bang, earning a first-place vote and jumping into our panel’s top 10. Not long ago, the Canadiens were drafting first overall. Now, they’ve got a deep core of talented young players, with many of them signed to team-friendly long-term deals. Nick Suzuki, Cole Caufield, Lane Hutson, Noah Dobson and Juraj Slavkovsky are all signed through at least 2030.

Plenty of credit is due to Hughes and Gorton. The latter still gets credit for preceding over a similarly rapid, successful rebuild with the Rangers.

As one Eastern Conference exec said: “We see rebuilds taking a decade or longer, and Jeff Gorton is now on his second one that’s taken less than five years.”

8. Washington Capitals

Total points: 35 (appeared on 9 ballots)
Owner: Ted Leonsis
President of hockey operations: Brian MacLellan
GM: Chris Patrick
Last year: 19

The Capitals have threaded what seemed like an impossibly thin needle, rebuilding a playoff team on the fly for the last few years of Alex Ovechkin’s remarkable career. Last summer’s moves — acquiring a distressed asset in Pierre-Luc Dubois, rolling the dice on goalie Logan Thompson and maximizing the talent of defenseman Jakob Chychrun — have all paid off to some degree, and plenty of other home-grown players have popped, as well.

Washington’s off-ice culture also earned some serious praise.

“(They) treat staff and people extremely well and make them all feel part of the process,” one Eastern Conference exec said. “Extremely professional group.”

9. St. Louis Blues

Total points: 20 (appeared on 4 ballots)
Owner: Tom Stillman
President of hockey operations and GM: Doug Armstrong
President and CEO of business operations: Chris Zimmerman
Last year: 13

The Blues were another one of our big risers, thanks in large part to Armstrong. In his final season as GM before he hands the day-to-day reins to Alex Steen while remaining president of hockey operations, the long-time decision-maker is on a serious hot streak. Signing Dylan Holloway and Philip Broberg to offer sheets paid off in a big way, as did striking quickly to install Jim Montgomery as coach.

Armstrong is also the GM of Team Canada for the Milan Olympics. Working under him are BriseBois, Nill, Boston’s Don Sweeney and Pittsburgh’s Kyle Dubas — a fact not lost on one Eastern Conference executive.

“Doug is playing chess while others are playing checkers,” he said. “You don’t think he is adding (other GMs) for Hockey Canada to know them and their ‘tells’ better?”

10. Carolina Hurricanes

Total points: 9 (appeared on 3 ballots)
Owner: Tom Dundon
President: Vacant (Doug Warf stepped down on Oct. 6)
GM: Eric Tulsky
Last year: 8

The Hurricanes, reliably one of the league’s best regular-season teams, are in the top 10 for a second straight year. They also reeled in one of the top unrestricted free agents in winger Nikolaj Ehlers, part of their push to get over the hump in the Eastern Conference.

A Western Conference president attributed Carolina’s overall success to three primary factors: “Intelligent and creative approach to player evaluation, willingness to take chances on undersized players, careful and measured approach to how they spend.”

Also receiving votes

11. Edmonton Oilers (8 points)

Convincing Connor McDavid to stick around for at least a couple more seasons counts for something, as does a well-built defensive group.

12. Toronto Maple Leafs (6 points)

Their regular-season success was not completely ignored; two voters had them in fourth place.

13. New York Rangers (5 points)

Two years out from a Presidents’ Trophy and one year removed from a season-long meltdown, one voter had them in third place.

14. Utah Mammoth (2 points)

They’ve steadily accumulated talent and built culture in new territory, showing up on two ballots.

15 (tie). Los Angeles Kings (1 point)

If the Kings ever find a way to push past Edmonton, you can bet they’ll shoot up the list.

15 (tie). Minnesota Wild (1 point)

Kirill Kaprizov didn’t come cheap, but the Wild are now set up to be relevant for several more seasons.

15 (tie). Philadelphia Flyers (1 point)

They’ve not yet exited their rebuild, but there are enough positive signs in Philly to put them in the mix.

Did not receive votes

Anaheim Ducks, Boston Bruins, Buffalo Sabres, Calgary Flames, Chicago Blackhawks, Columbus Blue Jackets, Detroit Red Wings, Nashville Predators, New Jersey Devils, New York Islanders, Ottawa Senators, Pittsburgh Penguins, San Jose Sharks, Seattle Kraken, Vancouver Canucks

The Ducks earned some indirect praise from a voter who put their rebuild in a class with Montreal’s. Boston, New Jersey and Detroit fell out of the top 10 — that’s particularly bad news for the Red Wings, who are still trying to get over the playoff hump in the East. Pittsburgh, Nashville and Vancouver went from receiving single votes to none.

Full voting