▁Cup ▁championship ▁changed ▁in ▁ 1 9 2 2 , ▁with ▁the ▁creation ▁of ▁the ▁Western ▁Canada ▁Hockey ▁League ▁( W CH L ). ▁Now ▁three ▁le agues ▁competed ▁for ▁the ▁Cup ▁and ▁this ▁necess itated ▁a ▁semi - final ▁series ▁between ▁two ▁league ▁champions , ▁with ▁the ▁third ▁having ▁a ▁by e ▁directly ▁to ▁the ▁final s . ▁In ▁ 1 9 2 4 , ▁the ▁P CH A ▁and ▁the ▁W CH L ▁merged ▁to ▁form ▁the ▁Western ▁Hockey ▁League ▁( W HL ) ▁and ▁the ▁championship ▁revert ed ▁to ▁a ▁single ▁series . ▁After ▁winning ▁in ▁the ▁ 1 9 2 4 – 2 5 ▁season , ▁the ▁Victoria ▁C oug ars ▁became ▁the ▁last ▁team ▁outside ▁the ▁N HL ▁to ▁win ▁the ▁Stanley ▁Cup . ▁ ▁The ▁WH L ▁fol ded ▁in ▁ 1 9 2 6 , ▁and ▁most ▁of ▁the ▁players ▁moved ▁to ▁the ▁N HL . ▁This ▁left ▁the ▁N HL ▁as ▁the ▁only ▁league ▁left ▁compet ing ▁for ▁the ▁Cup . ▁Other ▁le agues ▁and ▁clubs ▁have ▁issued ▁challeng es , ▁but ▁from ▁that ▁year ▁forward , ▁no ▁non - N HL ▁team ▁has ▁played ▁for ▁it , ▁leading ▁it ▁to ▁become ▁the ▁de ▁fact o ▁championship ▁tro phy ▁of ▁the ▁N HL . ▁In ▁ 1 9 4 7 , ▁the ▁N HL ▁reached ▁an ▁agreement ▁with ▁trust ees ▁P . ▁D . ▁Ross ▁and ▁Cooper ▁S me aton ▁to ▁grant ▁control ▁of ▁the ▁cup ▁to ▁the ▁N HL , ▁allowing ▁the ▁league ▁itself