The trophy was first established in the 1923-24 NHL season , for the champion of the NHL playoffs , but it has been the trophy for eight different accomplishments , which also include being the NHL regular season champions , American Division regular season champions , regular season champions , East Division regular season champions , Wales Conference regular season champions , Wales Conference playoffs champions , and Eastern Conference playoffs champions . Named for Prince Edward , Prince of Wales ( later King Edward VIII , and then Duke of Windsor ) , the cup was first presented in the 1925 â `` 26 NHL season to the champion of the first game in Madison Square Garden and then subsequently presented to the champion of the NHL playoffs ( including the previous two seasons ) ; however , the trophy has been awarded for eight different accomplishments throughout its history , including for the NHL regular season champions , the American Division regular season champions , the East Division season champions , the Wales Conference regular season champions , the Wales Conference playoff champions , and the Eastern Conference playoff champions .