Before the season, the Sens replaced head coach Cy Denneny with former defenceman Buck Boucher.
Ottawa-born player Syd Howe was named captain of the team.
Cooney Weiland, who led the team in scoring the previous season, would hold out, but was eventually signed, and scored only two goals in nine games before the Senators sent him to the Detroit Red Wings for Carl Voss.
Bill Beveridge would take over the Senators' goal-tending duties, winning 13 games, while posting three shutouts and a 2.86 GAA.
To fill the Auditorium, the organization kept an Ottawa Senators club in senior league play until 1954.