There has been no shortage of drama during the NHL offseason, which includes a late-offseason signing that has caused some line movement.

The latest: The Calgary Flames have had a busy offseason. Their odds to win it all continue to climb as the preseason nears.

Here are the latest Stanley Cup odds.

Stanley Cup odds

Check out the latest odds to win the Stanley Cup. Click linked odds to add selection to betslip.

Odds as of 5:28 p.m. on 09/16/2022.

Best odds to win the Stanley Cup

The favourite: Colorado Avalanche (+450)

The Avalanche were dominant during their run to the Stanley Cup, but the focus now shifts to how the team will follow it up.

The core of Nathan MacKinnon, Cale Makar, Mikko Rantanen and Gabriel Landeskog returns, which takes most of the mystery out of why Colorado is the Cup favourite. The Avalanche are coming off a franchise-best record (56-19-7), too.

Roster turnover is the Avs' greatest perceived threat to repeat, as starting goalie Darcy Kuemper (Capitals) joins Kadri as key players from the Cup run that have moved on.

The team was able to retain Valeri Nichushkin, however, which was a huge win for the organization. The Avs locked up the talented winger to an eight-year extension with an annual average value of $6.125 million.

With Kuemper gone the Avalanche will now deploy a tandem in net that consists of Pavel Francouz and Alexandar Georgiev. The latter was acquired via trade from the New York Rangers for a third- and fifth-round pick in the 2022 NHL Draft.

Other Stanley Cup choices

Best value: Carolina Hurricanes (+1,100)

No team among the top contenders for the Stanley Cup had a more positive odds bump than the Hurricanes this offseason.

Carolina was listed with +1,500 odds to win it all in 2022-23 before free agency opened up. That number has shortened to +1,100 since, and with good reason.

The Canes didn't bolster their team with flashy signings. Instead, general manager Don Waddell turned to the trade route to improve his roster.

The first deal Carolina made involved acquiring Brent Burns from the San Jose Sharks. The squad also added forward Lane Pederson in exchange for Steven Lorentz, goaltender Eetu Makineimi and a 2023 third-round pick.

The deal included the Sharks retaining 34% of Burns' contract and cap hit.

Waddell then went out and nabbed Max Pacioretty and Dylan Coghlan from the Golden Knights for future considerations.

It also helps that there'll be very little roster turnover in Carolina. The only player of real significance from this lineup who left in free agency was Vincent Trocheck. The centre inked a seven-year deal with the Rangers.

The Hurricanes seem like a good bet to take the next step this upcoming season after improving their offence and defence all while adding some veteran leadership.

Team to watch: Washington Capitals (+3,700)

There aren't many long shot odds we like on the board for a Stanley Cup futures bet but the Capitals are worthy of a look.

Washington will be five years removed from its Stanley Cup championship this upcoming season. The team really hasn't had any postseason success since then. Each of the last four playoffs for the Caps has ended in a first-round exit.

But all of the usual suspects will be back in 2022-23 and there's enough skill in the lineup to see a path for Washington.

Alex Ovechkin scored 50 goals again last season and hasn't shown any signs of slowing down. Evgeny Kuznetsov, Nicklas Backstrom, Tom Wilson, T.J. Oshie and John Carlson highlight the cast of characters who will be suiting up in an attempt to return to former glory.

There's an argument to be made that the squad upgraded its goaltending situation in free agency, too. Washington inked recent Stanley-Cup winner Kuemper to a five-year deal. It also added Charlie Lindgren, formerly of the St. Louis Blues, who will serve as the backup.

This roster is littered with aging talents who may or may not have one more run in them. At this number, it's not a bad bet to look into if you want a dart throw.

Canadian NHL teams' Stanley Cup odds

There's been a lot of movement north of the border this offseason, highlighted by the Flames’ flurry of moves, and free agency has had a big impact on some of Canada's teams.

Here are the updated odds for all seven franchises.

Odds as of 5:29 p.m. on 09/23/2022.

• The Maple Leafs are Canada's best chance at winning the Stanley Cup in 2022-23, according to the odds. Toronto's offseason has been headlined by some major changes between the pipes. The Buds will roll with a tandem of Matt Murray and Ilya Samsonov this upcoming year after going with Jack Campbell (signed with Edmonton) and Petr Mrazek (traded to Chicago) last season. The offensive core, powered by MVP Auston Matthews, remains intact.

• The Flames lost both Johnny Gaudreau and Matthew Tkachuk this offseason and they're arguably a better team now. That’s because Calgary was able to land Jonathan Huberdeau and MacKenzie Weegar in the Tkachuk trade before reeling in Kadri. General manager Brad Treliving has completely revamped a Flames team that fell short of meeting postseason expectations in 2022 and is trying to win with a new core of players. It may take the Flames some time to gel, but they could certainly be a team to watch over the second half of the year.

• Ottawa has done its best to add pieces to help its young core. The Senators signed Claude Giroux to a three-year deal in addition to acquiring Alex DeBrincat via trade. The team should also receive some better goaltending after acquiring Cam Talbot from the Minnesota Wild.