Ken Holland's time as the general manager for the Edmonton Oilers is over.
Three days after losing Game 7 of the Stanley Cup Final, the Oilers confirmed the long-standing belief that they would not renew the Hall of Fame executive's contract, which was in the final month.
Jeff Jackson, the Oilers CEO of hockey operations, said the decision to not extend Holland's contract was mutual.
"Over the past five seasons as general manager, Ken has not only built the Edmonton Oilers into one of the NHL's best teams, but he has also established a deeply rooted foundation of success and a culture of winning that will continue well into the future," Jackson said in a statement Thursday. "Thanks in large part for Ken's outstanding work, Edmonton has become a destination city for players around the National Hockey League."
Holland's future with the Oilers had been in question for several months, only to have that speculation intensify throughout the team's playoff run.
Before joining the Oilers in May 2019, the 68-year-old Holland had been with the Detroit Red Wings for 34 seasons in numerous roles, including general manager since the 1997-98 season. The team would win three Stanley Cups with Holland, who was inducted into the Hockey Hall of Fame as a builder in 2020.
He left the Red Wings after he'd been promoted to senior vice president in a move that allowed Detroit to name then-Tampa Bay Lightning GM and former captain Steve Yzerman as its GM.
With a pair of 100-point-scoring generational talents in Leon Draisaitl and Connor McDavid, the Oilers hired Holland with the objective that he could build a roster that would allow them to win their first Stanley Cup since 1990.
He gradually supplemented the Oilers' roster by adding forwards such as Warren Foegele, Zach Hyman and Evander Kane. Hyman became a 54-goal scorer this season, while Kane, who has battled injuries, scored 24 goals this season for his ninth 20-goal campaign. Foegele scored a career-high 20 goals and 41 points this season.
The Oilers strengthened their defense by adding Cody Ceci, Mattias Ekholm and Brett Kulak to provide stability to a group that had been in a consistent state of flux.
It's a group that would also incorporate homegrown talents such as Evan Bouchard, Vincent Desharnais, Ryan McLeod, and Stuart Skinner over that time.
Even though the Oilers reached the playoffs in all four of Holland's seasons, they still faced questions about reaching their ultimate goal of winning a Stanley Cup.
Holland's second season in charge created optimism and the expectation the Oilers were close. They reached the Western Conference final but were swept by the eventual Stanley Cup champion Colorado Avalanche.
A year later, they lost in the Western Conference semifinal round to the eventual champion Vegas Golden Knights.
The Oilers faced even more questions at the start of this season when they opened with a 2-9-1 record. It led to them firing coach Jay Woodcroft and hiring Kris Knoblauch. The decision to hire Knoblauch and his staff -- which includes Hall of Fame defenseman Paul Coffey -- saw the Oilers go 46-18-5 over their final 69 games.
It was the NHL's best record since Nov. 12, 2023, the day Knoblauch was hired.
Holland added forwards Sam Carrick and Adam Henrique at the trade deadline with the aim those acquisitions could help the Oilers emerge in a challenging Western Conference landscape.
They opened with a five-game first-round series victory over the Los Angeles Kings before fending off the Vancouver Canucks in a seven-game series in the second round. The Oilers fell into a 2-1 hole against the Dallas Stars only to rally and win the Western Conference final where they reached their first Stanley Cup Final since the 2005-06 season.
The Oilers were on the verge of being swept only to win the next three games to set up a dramatic winner-take-all Game 7 that would have seen them become just the second team in NHL history to come back from a 3-0 deficit in a Cup Final.
Ultimately, the Oilers would lose 2-1 after a Sam Reinhart goal with less than five minutes left in the second period gave the Panthers a lead they wouldn't relinquish.
Losing the Stanley Cup Final came with questions about their future and if Holland would be part of it.
Whomever the Oilers hire to take over from Holland will inherit a roster that's still within its championship window. But there are several items to address as free agency commences Monday.
CapFriendly projects the Oilers to have $10.033 million in cap space at a time in which they have 10 unrestricted free agents. It's a free agent class that includes seven forwards such as Foegele. They have two pending restricted free agents in forward Dylan Holloway and defensemen Philip Broberg, both of whom made significant contributions in the later stages of the Oilers' Cup run.
It leaves the Oilers with just seven forwards, five defensemen and two goalies who are currently under contract.
How the Oilers approach free agency also comes with the understanding that this could be the most sensitive year of the Draisaitl-McDavid era. Draisaitl, 28, enters the final season of his contract, which could see him hit the open market if he doesn't re-sign.