Connor McDavid

EDMONTON --The Edmonton Oilers set the bar high this season, and anything short of winning the Stanley Cup was going to be considered a disappointment.

"It's Cup or bust for this group," captain Connor McDavid said Tuesday. "Just where everyone is at with their career, that's the expectation."

The Oilers fell short of expectations, losing to the Vegas Golden Knights in the Western Conference Second Round in six games in the best-of-7 series, and were eliminated 5-2 at Rogers Place on Sunday.

"We're all here to win and when you don't it's disappointing," said forward Leon Draisaitl, who may join Germany at the 2023 IIHF World Hockey Championship in Finland and Latvia. "We'll talk about it here within our group and we have to use that in a positive way and come back next season, make the changes we need to do, and it's Cup or bust."

The Oilers won 50 games in the regular season (50-23-9) for the first time since 1986-87, finished second in the Pacific Division, two points behind the Golden Knights (51-22-9). They defeated the Los Angeles Kings in six games in the first round.

McDavid won the Art Ross Trophy as the NHL scoring champion for the fifth time (153 points) and Rocket Richard Trophy for most goals for the first time (64) and led the League in assists (89). Draisaitl reached the 50-goal plateau for the third time (52) and had 128 points (76 assists).

All those accomplishments, however, mean very little to the Oilers, who were eliminated a round earlier than last season. A year ago, they made it to the Western Conference Final for the first time since 2006, when they were swept by the Colorado Avalanche.

"I think it is progress, maybe it doesn't feel like it today, but I think it is progress," McDavid said. "I think we're a better team than we were last year. We have basically everybody coming back, and it's just more experiences, and that's all positive stuff."

In the Golden Knights, the Oilers ran into a more experienced playoff team, who advanced to the third round for the fourth time in their six-year existence. Vegas will play the Dallas Stars in the conference final, with Game 1 at T-Mobile Arena in Las Vegas on Friday (8:30 p.m. ET; ESPN+, ESPN, CBC, SN, TVAS).

"I think when there's two great teams playing against each other, it's just small little details," McDavid said. "I thought we made too many little mistakes here and there that they capitalized on. The margins for errors when you're playing against a really good playoff team are really small, and we made too many mistakes, more mistakes than them."

Despite being eliminated, optimism is high Edmonton will continue to be Stanley Cup contenders in the imminent future. The core of the team is expected to stay intact, with McDavid signed through the next three seasons and Draisaitl for two.

"Yeah, I certainly feel that way," McDavid said. "I think if you look at the group here, everyone is signed on for the next number of years, nobody is aging, everyone is in the prime of their career. I think we have the opportunity to knock on the door as much as we want. Ultimately, it's going to be up to us to put it all together."

Along with McDavid and Draisaitl, forwards Zach Hyman, Ryan Nugent-Hopkins, Evander Kane, Kailer Yamamoto and Warren Foegele are signed for next season. Derek Ryan, Mattias Janmark, Devin Shore and Nick Bjugstad will all become unrestricted free agents July 1.

Defensemen Darnell Nurse, Mattias Ekholm, Cody Ceci, Brett Kulak, and Vincent Desharnais are all signed as well, while Evan Bouchard will be a restricted free agent. Goalies Jack Campbell and Stuart Skinner are also under contract for next season.

"I think we have the right pieces in place to get it done, but we can sit here and talk all we want, but at the end of the day, we have to go out there and just get it done," Draisaitl said. "We couldn't do that this year and [we'll] just use that as fuel and positivity towards next season, and have an even better summer than last season, and come back stronger and a better player."

It will be an off-season of reflection for the Oilers, but the early exit will also provide motivation heading into the 2023-24 season.

"I think that kind of empty feeling that you're left with, I think it's great fuel, you don't want to feel that feeling anymore," McDavid said. "I think for us, it's understanding how far away it is to be back in that same position. We all have to go home and train all summer long and come back and go through training camp and play 82 more regular-season games just to get back to the very same spot.

"Just understanding where you're there and you're playing in the series, you have to do anything you can to keep it going or win a game. It's a lot of work that goes into it just to get into that position, and here we find ourselves a year away again."