The Stanley Cup Playoffs are heating up, but for 11 NHL teams, the real drama begins off the ice. The 2026 NHL Draft Lottery is set for Tuesday, May 5, at 7 p.m. ET on ESPN, and this year, the action returns to a live television format from NHL Network's New Jersey studio. It's a high-stakes spectacle where the entire hockey world watches together as the ping-pong balls decide who lands the No. 1 overall pick.

Here's how it works: all 16 teams that missed the playoffs this season are entered into the lottery, but there are key rules to keep in mind. Only the first two picks are up for grabs, with two separate drawings determining the No. 1 and No. 2 selections. Teams can only move up a maximum of 10 spots, so not every team has an equal shot at the top prize. After the drawings, the remaining teams are slotted in reverse order of regular-season points, creating a clear hierarchy for the rest of the first round.

This system gives a major advantage to bottom-dwelling teams like the Chicago Blackhawks and Vancouver Canucks, who are guaranteed at least a top-four pick. On the flip side, teams in the middle of the lottery pack—think the New Jersey Devils, New York Islanders, Columbus Blue Jackets, and Washington Capitals—won't have a chance at the No. 1 overall selection but could still climb a few spots with a lucky bounce. For fans of these clubs, it's a night of nervous hope and strategic dreaming.

Whether you're eyeing a generational talent for your team's rebuild or just love the lottery drama, this event sets the stage for the summer draft. Here's the full list of odds for the No. 1 overall pick in the 2026 NHL Draft Lottery, with every team's chances laid out for you to analyze.