In his first season, he was awarded the Calder Memorial Trophy as the league's best rookie, after posting a 1.85 goals-against-average and nine shutouts in 48 games.

After posting four wins and three shutouts in four games, the Black Hawks made Karakas their starting goaltender; Chabot was later traded to the Montreal Maroons.

"[3] After losing five of its six first games with an all-American roster, some Canadian players were added, and the team finished the season with a 14–25–9 record for a .411 winning percentage.

[4] In the playoffs, Karakas suffered a broken toe just before the start of the Stanley Cup Finals against the Toronto Maple Leafs.

In 1973, Karakas was named a charter member of the United States Hockey Hall of Fame, located in his hometown of Eveleth.