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 and are off to a strong start winning the first two games on the road against their cross-state rival Tampa Bay Lightning. The Panthers have the second-shortest odds behind only the Carolina Hurricanes, who have emerged as the Cup favorites and have a 3-1 series lead over the banged-up New Jersey Devils.