The New York Rangers won the Stanley Cup beating the Montreal Maroons, becoming the first NHL team based in the United States to win it.
The O'Brien Cup, which used to go to the National Hockey Association (NHA), later the NHL league champion, would now go to the winner of the Canadian Division.
The first indications that the Ottawa Senators were in financial trouble surfaced when they asked the league for a bigger share of road game income.
It was decided by the Ottawa management to sell star right wing Hooley Smith to the Montreal Maroons for an undisclosed amount of money ($22,500 it was believed).
Howie Morenz, the NHL's top drawing card, dominated the scoring race and was runaway winner of the Hart Trophy.
However, injuries to Hap Day and Bill Carson doomed the team, and the Leafs sagged to fourth, out of the playoffs for the third straight year.
Thanks to the great play of Eddie Shore and goaltender Hal Winkler, who tied with Connell for the leader in shutouts with 15, the Boston Bruins finished first for the first time in the American Division, while the Canadiens, who were running away with the Canadian Division at mid-season, slumped after an injury to Pit Lepine but managed to hold onto first place at season's end.
In the American Division, the New York Rangers knocked off the Pittsburgh Pirates in a rough series, and then beat Boston to go to the finals against the Montreal Maroons.
Drama took over in game two when Nels Stewart fired a hard shot that struck New York goaltender Lorne Chabot in the eye.
[7] Joe "Red Light" Miller, New York Americans goalie, was allowed to take Chabot's place in goal and he played well in a 2–0 loss in game three.
The terms for awarding the O'Brien Cup and the Prince of Wales Trophy were changed to honour the top finisher in each of the NHL's divisions.