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Beginning with the 1985-86 season, the NHL has awarded the Presidents' Trophy to the team with the best regular-season record.
In the salary cap era (since 2005-06), only two teams have won the Presidents' Trophy then gone on to win the Stanley Cup: the 2007-08 Detroit Red Wings and the 2012-13 Chicago Blackhawks. Two of the past seven Presidents' Trophy winners have lost int he first round.
So while the team that wins the prize this season does get home-ice advantage for as long as it lasts in the playoffs, it's clearly no shoo-in to make it to the ultimate stage.