The Flyers already had the best goaltender in the league - and possibly in the world - at the time in Parent, which meant that Stephenson would only get to play sparingly. From Philadelphia's standpoint, however, the trade was a steal. Stephenson was an upgrade over Bobby Taylor and soon proved to be an excellent insurance policy for when Parent was injured or simply needed a day off.
Stephenson sat on the sidelines as Philadelphia repeated as Stanley Cup champion in 1974-75. He did not enjoy the role and longed to be a starter. Something of a loner by nature, Stephenson often kept a respectful distance between himself and his Philadelphia teammates.
"Wayne was a real intelligent guy, a family man. He was always reading books, and we let him go his own way," said former Flyers defenseman Joe Watson. "It was never really an issue. He delivered for us on the ice, and goalies are a different breed anyway."
Stephenson's best season in the NHL came in 1975-76. Parent was sidelined for much of the season due to a pinched nerve in his neck that required surgery. When he finally returned, he was in less than peak form.
As a result, Stephenson played the majority of the games, including every game of the Stanley Cup Final as Philadelphia unsuccessfully attempted to defend its two consecutive championships against a Montreal Canadians team that would go on to win four Stanley Cups in a row.
On January 11, 1976, Stephenson played the most famous game of his career when the Flyers took on CSKA Moscow in a game at the Philadelphia Spectrum. During the 1975-76 season, two Soviet club teams, the legendary Red Army team and the skilled, but less formidable Soviet Wings (Krylya Sovetov), toured North America and played a series of four games apiece against NHL clubs.
By far the most anticipated matches were those pitting CSKA against the Canadiens and the Flyers. Although technically exhibition games, the teams approached the matches with the same sort of focus and intensity usually reserved for the Stanley Cup playoffs. The final game of the tour was played at the Spectrum.
Entering the contest, the Red Army was undefeated. CSKA had thumped the New York Rangers at Madison Square Garden by a 7-3 score, played to a thrilling 3-3 tie at the Montreal Forum against the Canadians and downed the Boston Bruins by a 5-2 count. With the Red Army unbeaten against the NHL's top teams and the Soviet Wings posting a 3-1 record in their portion of series (the only blemish was a 12-6 pasting by the Buffalo Sabres), the Flyers found themselves in the unfamiliar position of receiving support from fans in other NHL cities.
"We were in Toronto for our last road game before we came back to play the Soviets. Remember, the fans in Toronto hated us. We won that game (7-3), and we got our usual reception from the crowd. But as we left, those same fans were cheering for us to beat the Russians," says Watson.
With Parent unavailable for the game, Philadelphia coach Fred Shero tabbed Stephenson to start. The Flyers made life easy on their goaltender, limiting CSKA to just 13 shots on goal for the game, while firing 49 of their own on Tretiak.
Stephenson did his part, limiting the Russians to a single goal on a shot that deflected in off defenseman Watson's skate. Philadelphia won, 4-1, in a game that is best recalled for CSKA coach Konstantin Loktev pulling his team off the ice for 15 minutes in protest of a controversial first-period hit by defenseman Ed Van Impe against Soviet superstar Valeri Kharlamov.
In the three seasons following the 1975-76 campaign, Stephenson returned to his backup role to Parent. He was unhappy about his playing time and his salary but performed his role effectively.
During this period, Stephenson became one of the first NHL goaltenders to sport a colorful design on his mask. In an era where most keepers wore unadorned masks, Stephenson began sporting a bright orange mask with large black Flyers logos ringing around his eyes.
Stephenson, who was selected for the NHL All-Star game in 1975-76 and 1977-78, started nine playoff games for the Flyers in 1977 after Parent suffered another injury. During the 1978-79 season, Parent suffered a career ending eye injury. Stephenson was pressed back into starting duty.
After the season, the Flyers traded the 34-year-old goalie to the Washington Capitals in exchange for a 1981 third-round draft pick (used to select the late Barry Tabobondung). Stephenson played two seasons with the Capitals, serving as starter in 1979-80. He was injured for much of the following season, playing just 20 games. Stephenson retired after the season.
After leaving hockey, Stephenson went on to a successful career in banking and made his permanent home in Madison, Wisconsin. In 2008, after Stephenson was diagnosed with a terminal illness, his sons attended the closing ceremony at the Philadelphia Spectrum on their father's behalf. The former goaltender passed away at age 65 on June 22, 2010 after a lengthy illness. He was survived by his wife of 39 years, Nedina, and his two sons and two daughters.