Ken Holland done as Oilers GM after loss in Stanley Cup Final

After falling one win short of the Stanley Cup at the end of his fifth season as general manager of the Oilers -- following 34 years with the Red Wings -- Ken Holland is done in Edmonton.

Holland and the Oilers have decided to part ways, which was long expected with his contract set to expire in the coming days. Edmonton nearly pulled off a historic comeback to capture its fifth Stanley Cup and first since 1990, but lost in Game 7 to the Panthers last week after rallying from a 3-0 series deficit.

Oilers CEO Jeff Jackson announced Thursday that Holland and the franchise "have mutually agreed that his contract will not be extended beyond the end of its current term."

"Over the past five seasons as general manager, Ken has not only built the Edmonton Oilers into one of the NHL's best teams, he has also established a deeply rooted foundation of success and a culture of winning that will continue well into the future," Jackson said. "Thanks in large part to Ken's outstanding work, Edmonton has become a destination city for players around the National Hockey League."

Holland, of course, inherited two of the best players in the world when he took over the Oilers in 2019 after stepping aside in Detroit for Steve Yzerman to become general manager. But the Oilers had missed the playoffs each of the two seasons prior with Connor McDavid and Leon Draisaitl.

Holland did help elevate the team to a contender in the West, especially with additions over the past few seasons like forwards Zach Hyman, a 50-goal scorer, and Warren Foegele and defensemen Mattias Ekholm and Cody Ceci.

Holland's tenure in Detroit ended on a sour note after he missed on a series of trades and free agent signings trying to extend the Red Wings' 25-year playoff streak, which left Yzerman very little to work with. Detroit is now mired in a franchise worst-eight year playoff drought.

Still, Holland was the architect of three Stanley Cup teams over his 22 years as Red Wings GM and had a hand in a fourth as assistant GM. He was inducted to the Hockey Hall of Fame as a Builder in 2020.

Where he goes next, at 68, remains to be seen.