Four teams remain in the race for the Stanley Cup. The race for most valuable player of the NHL postseason is a bit more crowded.

Here’s the latest Conn Smythe Watch for the 2025 postseason. We asked over two dozen national writers and beat writers who are covering the conference finals for their top three MVP candidates after two rounds of play. Ballots were collected and tabulated before Game 1 of the Eastern Conference finals.

Keep in mind that in the NHL, the Conn Smythe is based on a player’s performance during the entire postseason, not only the championship round. The award is voted on by an 18-person panel of Professional Hockey Writers Association members.

The current MVP leader

For the second straight round, Rantanen leads the Conn Smythe Watch as he helped lead the Dallas Stars to their third straight conference finals. Through 13 postseason games, he leads all playoff scorers with 19 points, including a playoff-best nine goals.

Rantanen was the only player to appear on every ballot we surveyed from the writers. Only two voters had him anywhere but first place for the Conn Smythe — one national writer had him second, and a beat writer had Rantanen third on their ballot.

As Dallas coach Peter DeBoer put it: Rantanen is playing as if he’s “on a mission.” He was a one-man wrecking crew against his old teammates from Colorado, the team that traded him earlier this season rather than sign him to a contract extension. He did more damage against the Winnipeg Jets in the second round with a Game 1 hat trick on the road.

Rantanen cooled off a little bit later in the series, with one assist in the last three games of the series. But his accomplishments to that point made him the clear MVP in the eyes of our panelists. He’s the first player in NHL history with five three-point games through a team’s first 10 playoff games in a single postseason. He set another NHL record by either scoring or assisting on 13 consecutive goals by his team. At one point, Rantanen had factored in on 15 of 16 goals for Dallas.

One voter noted that the “crazy solo efforts he has had in a couple of games” makes him an obvious choice.

Or as another voter put it: “It’s almost hard to believe the dominance he’s displayed.”

One thing to consider about Rantanen: He has the narrative. The “revenge tour” against the Avalanche in the first round was part of a larger story about proving he’s worth his big new contract with Dallas and that he can thrive as an offensive star without Nathan MacKinnon and Cale Makar on his team.

“When you think about his journey this year, he’s been through a lot,” DeBoer said. “There’s been a lot written about him. There’s been a lot said about him. There’s been a lot of doubters out there.”

So far, Rantanen has silenced them.

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The other favorites

This is where we need to reiterate that the ballot tabulation was done before Game 1 of the Eastern Conference finals.

Andersen was the clear second choice among voters before he faced the Panthers. He was voted second for playoff MVP on 47% of the ballots we surveyed.

Before Game 1, he had allowed only 12 goals in nine games for a .937 save percentage and a 1.36 goals-against average. “His stats are mind-blowing when you think about how good Washington’s offense should have been in that series,” one voter said.

After giving up five goals on 20 shots to Florida in Carolina’s Game 1 loss — not all of them his fault entirely — Andersen’s save percentage dropped to .919 while his goals-against average rose to 1.74.

It’s possible that Andersen and Florida goalie Sergei Bobrovsky will see their spots in this ranking flip during the series. But it was only one game, and Andersen’s numbers at home before that loss to the Panthers were quite good.

McDavid was also in the top three in the last round. In the 2024 postseason, the Edmonton star became only the second player in NHL history to win the Conn Smythe in a losing effort, as the Oilers fell in Game 7 of the Stanley Cup Final to the Panthers. Now, he’s trying to become the fourth player ever — and the first player since Sidney Crosby (2016-17) — to win consecutive Conn Smythe trophies.

Through 11 games, McDavid has 17 points (three goals, 14 assists). His 1.55 points-per-game average leads all players still active in the postseason. Through 11 games last season, McDavid had 21 points. But that has been one of the things that defined this Oilers’ run to the conference finals: They haven’t needed McDavid and Leon Draisaitl to drag them there on their own. Perhaps that has been reflected in the voting.

For what it’s worth, McDavid is the favorite to win the Conn Smythe on ESPN BET, at +325, ahead of Rantanen (+350) as of Tuesday night.

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Making their cases

These two players received the next highest number of votes outside the top three.

It was notable that one beat writer had Oettinger first overall on their ballot, with Rantanen third. That might be a little bit of recency bias: Rantanen did most of his damage at the end of the first round and early in the second, and Oettinger was a difference-maker in all four of the Stars’ wins against Winnipeg, including Game 7, when he stopped 22 of 23 shots. As dominant as Rantanen was in Game 7 against the Avalanche in the first round, Oettinger made 25 saves and was brilliant late in that elimination game to preserve the win.

Overall, Oettinger has a .919 save percentage and a 2.47 goals-against average in 13 games for Dallas. But he has some work to do: The Stars goalie appeared on only three ballots in total, with one first- and two second-place votes.

Draisaitl is right behind McDavid in scoring with five goals and 11 assists in 11 games for the Oilers. He made the top three on four ballots, with two second-place and two third-place votes.

In his favor are two overtime goals: in Game 4 against the Los Angeles Kings in the opening round to even their series, and then in Game 2 in Las Vegas to give the Oilers a 2-0 series lead. He also had the primary assist on Kasperi Kapanen‘s series-clinching goal in Game 5 against Vegas.

Those moments more than balance one of the lowest points of Draisaitl’s postseason, when Reilly Smith of the Golden Knights scored with 0.4 left in Game 3 on a shot that deflected off of Draisaitl’s stick.

One thing to remember with Draisaitl’s MVP case is the praise he’s receiving for his two-way game. As the Oilers have become one of the best defensive teams in the postseason, posting back-to-back shutouts to end the Golden Knights, Draisaitl could get a portion of the credit.

“You often think of those guys who are putting up a lot of points, they neglect the defensive responsibilities,” Edmonton coach Kris Knoblauch said before the conference finals. “Leon has never neglected his defensive responsibilities. In fact, if I was to show clips on how to backcheck and how to work, getting above the opposition, Leon would be the leading guy on all the clips that I can find, and he’s the one who does it the best.”

On the cusp

Jaccob Slavin, Carolina Hurricanes
Andrei Svechnikov, Carolina Hurricanes
Sergei Bobrovsky, Florida Panthers
Brad Marchand, Florida Panthers

Some Panthers finally make the list! In fairness, that’s a tribute to the balance and depth that Florida has shown through two rounds. The team had 11 players with at least six points through their series win against the Leafs.

Bobrovsky didn’t have stellar numbers entering the conference final (.901 save percentage) thanks to four games in which he gave up four-plus goals. But Playoff Bob has emerged when he’s needed — like in the last four games of the Maple Leafs series and in Game 1 against Carolina, where he might have been the difference in that 5-2 win.

“I try to stay with one moment and not try not to think about the future or past,” he said after Game 1. “So it’s one moment, one save at a time. And that’s pretty much it.”

Marchand was tied for the team lead in points (12) after two rounds, and really made a statement in the MVP race with his Game 7 dagger against Toronto. He also had a critical Game 3 overtime winner after the Leafs took a 2-0 lead in the series.

Both Marchand and Bobrovsky showed up on two ballots. Bobrovsky earned one second-place vote.

Svechnikov was also on two ballots, both third-place votes. The Hurricanes winger was second in the postseason with eight goals after two rounds.

Slavin had two goals and two assists in 10 games, including the overtime winner in Game 1 against the Capitals. He has had an outstanding season, including a much-lauded performance in the 4 Nations Face-Off for Team USA. He also earned a ringing endorsement from Capitals coach Spencer Carbery after Carolina eliminated Washington. “How he’s not in the Norris Trophy conversation every single year, it doesn’t seem right,” the coach said. “He’s one heck of a player.”

Honorable mentions

Seth Jones, Florida Panthers
Eetu Luostarinen, Florida Panthers

Jones has been really strong for the Panthers, especially in their Game 7 win in Toronto. Through two rounds, Luostarinen was tied with his linemate Marchand for the team lead with 12 points, but now leads the team with 13 points after his Game 1 goal against Carolina — remarkably, his 12th point in eight road playoff games.