The SteelHounds won their first home game at the Chevrolet Centre on November 4, 2005, when they defeated the Oklahoma City Blazers 4–3.

The SteelHounds made the playoffs for the first time in franchise history but lost in the first round to the Colorado Eagles.

The team finished second in the Northeast Division and qualified for the playoffs for the second straight year, but lost again to the Colorado Eagles.

[2] The SteelHounds explored joining the IHL or ECHL for the 2008–09 or 2009–10 season, as both leagues had teams located in the Great Lakes and Mid-Atlantic regions, making them a better fit for the SteelHounds than the CHL (most of whose teams are in the Southern Plains and Southwest regions of the United States).

On June 23, 2008 General Manager Joe Gregory resigned his position, and announced that he was hired as an Executive Vice President for the Norfolk Admirals of the AHL.