After completing their four-game sweep of the Los Angeles Kings on Tuesday night, the Vegas Golden Knights began Wednesday as the new favorites to win the Stanley Cup, at least according to the folks at Bovada.

Whether they actually do it doesn’t really matter at this point because this season is already one of the most stunning stories in North American sports history. A first-year expansion team finishing the regular season as one of the best teams in the league, winning its division, and then blowing through an organization in the first round that just a couple of years ago was one of the elite powers in the league is the stuff that gets turned into movies.

The popular consensus on how this all happened always seems to go back to the expansion draft and the rules that opened Vegas up to more talent than any first-year team in league history.

In all fairness to the teams that preceded them, Vegas certainly had an advantage in that area.

It still should not have resulted in a team this good, this fast.

The fact it happened is not an indictment on the rules the league put in place to aid Vegas in becoming an immediate success.

It is an indictment on the NHL’s 30 other general managers, the way they build their teams, the way analyze and value their own talent, and what they value.

[NBC’s Stanley Cup Playoff Hub]

The NHL begins to make a lot more sense if you just go into every season with the mindset that nobody really understands what they’re doing, what will happen, or why it will happen, and that everything is just random.

Maybe that’s overstating things. Maybe it’s unfair. Maybe there a lot of variables that go into moves that get made (or do not get made), but every year otherwise smart people that have been around the game forever make inexplicably dumb transactions that just look like a mistake the second they get completed. The 2017-18 season was a treasure trove for this sort of thing. Look no further than the Artemi Panarin trade, or the fact that Taylor Hall is probably winning the MVP one year after being run out of Edmonton.

The expansion draft also exposed a lot of the sometimes backwards thinking that goes on around the NHL.

To be fair, there were some teams that were stuck between a rock and a hard place when it came to protecting assets in the expansion draft. A lot of teams were going to lose a good player through no fault of their own, other than the fact they had too many good players to protect.

Nashville comes to mind as one. The Predators needed to protect four defensemen (P.K. Subban, Roman Josi, Mattias Ekholm, Ryan Ellis) which meant a really good forward was going to be left exposed. Maybe you can quibble with the fact they chose to protect Calle Jarnkrok over James Neal, but their decision makes sense. Jarnkrok is $3 million cheaper under the cap this season (that extra cap space would come in handy for moves that followed — signing Nick Bonino, trading for Kyle Turris) and signed long-term, while Neal was probably going to leave after this season anyway as an unrestricted free agent.

Pittsburgh was definitely going to lose a good goalie (it turned out to be Marc-Andre Fleury).

Washington was definitely going to have to lose a good defenseman or a good goalie (it turned out to be Nate Schmidt).

Anaheim was kind of stuck because it had to protect Kevin Bieksa (no-move clause) which meant it had to leave Josh Manson and Sami Vatanen exposed. So the Ducks gave Vegas Shea Theodore to entice them to take Clayton Stoner, leaving Manson and Vatanen in Anaheim. That was a lot to give up, but Manson is a really good player and Vatanen was used as the trade chip to acquire Adam Henrique from the New Jersey Devils when the Ducks quite literally ran out of centers.

Vegas was able to get a solid foundation out of that. Fleury has been everything they could have hoped for him to be and probably more. Had he not missed so much time due to a concussion, he might have been a Vezina Trophy finalist (he probably could have been anyway), and he just dominated the Kings in the first-round. Neal scored 25 goals in 71 games, while Theodore and Schmidt look like solid young pieces to build their blue line around.

Those players alone weren’t enough to turn Vegas into an overnight Stanley Cup contender. Other than Fleury, none of them were really the most important pieces on this year’s team.

So who is most responsible for what happened in Vegas?

[Related: Golden Knights sweep Kings, becomes first team to advance to second round]

Let’s start with the St. Louis Blues, a team that has seemingly escaped criticism for the way they handled the expansion draft which resulted in them losing David Perron.

In his first year with the Golden Knights, Perron went on to finish with 16 goals and 50 assists in 70 games and was one of their top offensive players. While his production increased from what it was in recent years, Perron has still been a 20-goal, 50-point player in the NHL with a really high skill level. He’s a good player. Sometimes a really good player.

The Blues decided that it was more important to protect Ryan Reaves and Vladimir Sobotka over him. Why? Who knows. Maybe the Blues soured on Perron because he had a bad playoff run a year ago (which would be dumb). Maybe they figured they weren’t going to re-sign him after this season and he was going to leave as a free agent (more sensible). But even if it was the latter, protecting Sobotka, and especially Reaves, over him just seems like misplaced priorities.

“But Adam,” you might be saying. “The Blues had to protect Reaves so they could trade him a week later at the draft to the Penguins to move up 20 spots in the draft where they selected Klim Kostin, and he’s a really good prospect! It worked!”

Fair. Fair point.

But do you really think Vegas was going to select Reaves over the other players the Blues had exposed? I know Reaves later ended up in Vegas, but that was mostly due to the Penguins having to send a warm body their way in an effort to re-work that convoluted Derick Brassard trade. Reaves barely played once he arrived in Vegas and may never see the ice in the playoffs. And beyond that, St. Louis traded Jori Lehtera to Philadelphia three days after the expansion draft for Brayden Schenn and didn’t feel the need to protect him in order to preserve that trade.

It was just bizarre asset management to protect two bottom-six players over a top-six winger.

Then there’s Minnesota, who ended up trading Alex Tuch — who was a 2014 first-round pick — to Vegas in exchange for the Golden Knights selecting Erik Haula.

Where teams like Minnesota come away looking bad is that, 1) They may have given up more than they had to in an effort to protect other players, and 2) Not really realizing what they had in previous years.

Tuch, playing in his first full NHL season at age 21, scored 15 goals for Vegas while Haula went on to score 29 goals in 76 games, nearly doubling his previous career high.

Minnesota was another team in kind of a tough spot. It had to protect Jason Pominville (no-trade clause) and one of the players left unprotected as a result was Eric Staal, who went on to score 40 goals this season in Minnesota. They also left a couple of solid defensemen exposed.

Back in November, The Athletic’s Michael Russo wrote about the anatomy of the deal that sent Tuch and Haula to Vegas and the thought process for both teams. According to Russo, general manager Chuck Fletcher’s approach was to clear salary cap space (which was necessary) while also protecting his defenseman so he could trade one for forward help.

All of that ended up happening. Vegas didn’t take a defenseman, and the Wild eventually traded Marco Scandella and Jason Pominville to the Buffalo Sabres for Marcus Foligno and Tyler Ennis. When combined with losing Haula (who ended up signing for $2.75 million per season) the Wild definitely cleared a lot of salary cap space. They also ended up getting the short-end of the trade-off talent wise when you consider what Haula and Tuch did. Together Foligno and Ennis scored 16 goals this season.

Tuch scored 15 on an entry-level contract and Haula scored 29.

Here’s where Minnesota is deserving of some criticism: Why wasn’t Haula scoring 29 goals for them? Why didn’t they realize what they had in him, and maybe given themselves a reason to keep him instead of giving him away to protect someone else? Or, perhaps having a trade asset that could have actually brought them something meaningful in return if they had to lose him. Over the past two years Haula was getting third-or and at times fourth-line minutes for the Wild and still scoring 15 goals.

On a per-minute basis he was consistently one of their most productive players. Before you write off his 29-goal season this year as a fluke, just look at what he was doing individually during 5-on-5 play.

Kind of the same. The big difference this season is that in Vegas he had the opportunity to play 18 minutes per night instead of 12 minutes per night. Keep in mind that last year Minnesota had Haula on their roster and decided it had to trade for Martin Hanzal (giving up first-and second-round draft picks) and then gave him more minutes than Haula over the final 20 regular season games and playoffs.

It’s your job as a GM to know what you have. The Wild had Haula and wasted him, then willingly gave him away plus another pretty good young forward.

Then there is Columbus, who traded William Karlsson and a first-round draft pick in an effort to rid itself of David Clarkson‘s contract and to protect Josh Anderson and their backup goalie. Karlsson, of course, went on to score 40 goals. I’m skeptical that Karlsson will ever come close to duplicating this season, and I’m a little hesitant to really fault them too much here because nobody should have expected this sort of a breakout from Karlsson at this point in his career. But the optics are certainly bad when you look at who Columbus was trying to protect.

That, finally, brings us to Florida’s contribution to the Golden Knights roster, and with every passing day and every goal that Jonathan Marchessault and Reilly Smith produce it becomes more and more indefensible.

And it was never really defensible.

The Panthers were looking to shed Smith’s $5 million per year contract and were able to trade him to Vegas for a fourth-round pick. In return, Florida would also leave Marchessault, quite literally their leading goal-scorer from a year ago, unprotected as payment for taking Smith’s contract. Wanting to get out of Smith’s contract on its own wasn’t a terrible thought. It was pricey and he was coming off of a down year. But there had to be a better way to do it than by trading a player as good as Marchessault (no contract is untradeable).

Especially when Florida only protected four forwards and instead opted to protect Alex Petrovic and Mark Pysyk on the blue line.

Vegas was always going to get some solid players out of the expansion draft, but where would it be this season without Perron, Marchessault, Smith, Haula, Tuch, and Karlsson, players that their former teams all willingly gave away when they did not need to? They would not be playing in the second round of the playoffs, that is for certain.

But that’s not the only thing that Vegas exposed this season.

They went into the big, bad Pacific Division where all of the big, bad big boy hockey teams play and basically skated circles around them.

How many times have you heard somebody say that you need to be big and tough to compete with those teams in the Pacific and their brand of heavy hockey?

Edmonton, for example, has spent three years trying to build a team in that image, wasting Connor McDavid‘s entry-level contract in the process.

Now, look at the roster Vegas assembled.

They entered the year in the bottom-10 of the league in both height and weight and were the smallest team in the Pacific Division.

Of the top-200 tallest players in the NHL, only four of them played in Vegas this season.

Of the top-200 heaviest players in the NHL, only six of them played in Vegas this season.

Even those numbers are a little misleading because a lot of the Vegas players on that list barely played. Reaves was in both the top-200 in height and weight and played 20 games for them. Jason Garrison was in there, and he played eight games, as did Stefan Matteau.

It’s a speed game today and with a clean slate, able to build their team in any way they saw fit, Vegas smartly embraced where the league is and where it is going.

The Golden Knights were definitely given a pretty good hand in the beginning, and they deserve credit for taking advantage of that.

They also exposed one of the biggest market inefficiencies in the NHL. That inefficiency being that nobody really knows what they’re doing.

————

Adam Gretz is a writer for Pro Hockey Talk on NBC Sports. Drop him a line at phtblog@nbcsports.com or follow him on Twitter @AGretz.