The Colorado Avalanche went from being Stanley Cup contenders to a second-round bust.

How did it all go wrong?

“Ultimately, you know the guys were crushed, because you realistically feel you have a chance. But it’s hard, and you need a lot of things to go right,” general manager Chris MacFarland said in a Thursday news conference at the team’s practice facility. “But very, very proud of the group. … They believed every single day that we were going to find a way.”

Here’s a thorough examination of key moments from the 2023-24 regular season and playoffs.

The Avs were preseason favorites to win it all

Colorado opened the year with +850 odds, per FanDuel, to claim a second title in three years. It made sense. All their core players returned (at almost full health) after an injury-plagued 2022-23 campaign. They overhauled forward depth adding Ross Colton, Jonathan Drouin, Ryan Johansen, Tomas Tatar and Miles Wood. Valeri Nichushkin returned after his playoff departure in Seattle. Alexandar Georgiev signed a three-year extension as their solidified starter in net. There were no glaring holes (minus captain Gabe Landeskog on long-term injured reserve).

They won and lost in bunches

Streaky is an understatement. The Avalanche’s winning percentage over the last four months of regular season: January (.750), February (.500), March (.808) and April (.438). It wasn’t for a lack of scoring. They led the NHL with 3.68 goals per game. The additions of Colton, Drouin and Wood to the lineup were huge. But team defensive details lacked consistency for large portions of the year. Colorado failed to win the Central Division for the first time since 2020-21.

MacFarland whiffed on Tatar and Johansen

Both players were expected to be significant middle-six forward contributors. It never happened. Tatar lasted 27 games before getting traded to the Kraken for a fifth-round draft pick. But Johanson was a larger bust. The should-be No. 2 center — with a $4-million cap hit in Colorado — lacked the requisite effort and skill to produce in the Avalanche’s fast-paced system. Johansen’s ice time dropped significantly as the season progressed after just a few bursts of production (23 points in 63 games).

MacFarland self-corrected at the trade deadline

The Avs dealt a first-round pick to Philadelphia (in exchange for defenseman Sean Walker) to unload Johansen’s contract. They also sent defenseman Bowen Byram to Buffalo for Johansen’s replacement at second-line center: Casey Mittelstadt. The Avalanche got heavier, too, with Yakov Trenin (Predators) and Brandon Duhaime (Wild) joining the bottom six. On paper, these moves bolstered Colorado’s chances to make a deep run in the NHL playoffs. Moving on from Johansen (and his contract) was the key.

Nathan MacKinnon made his strongest MVP case yet

He’s predictably one of three finalists for the Hart Trophy. MacKinnon ranked first in the NHL in even-strength points (92) and multi-point games (44). His consistency was incredible. He set the franchise record with at least one point in 35 straight home games to begin the season. Landeskog, at a Thursday news conference, said: “In my opinion, it’s his third MVP, but I’m keeping my tally at home. … We are all blessed to get to see him playing on a nightly basis.”

A first-round win over the Jets inspired confidence

The Avalanche rolled in five games with Georgiev bouncing back in a huge way from a disastrous Game 1 loss. Colorado dominated likely Vezina Trophy winner Connor Hellebuyck, accounting for 28 goals scored over the series. If felt like the Avs were finally playing their best hockey at just the right time. But the mood shifted midway through the second round. It had nothing to do with playing the Stars, either. That’s what made their playoff exit so disappointing.

Valeri Nichushkin’s suspension ended any chance for a title

The Avalanche were stunned by the news of Valeri Nichushkin’s six-month suspension before Game 4. Landeskog sympathized and said: “Pretty hard to just kind of set it aside and go out and play.” Give them credit for winning Game 5 to extend the series. But it only delayed the inevitable playoff exit without arguably their best player in the lineup. Nichushkin accounted for a team-high nine goals prior to his departure. It changed everything (again) for the Avalanche’s postseason outlook.

AVALANCHE TOP THREE

Moments from 2023-24 season and playoffs

1. Wood OT winner — Miles Wood scored the game winner, in overtime on a breakaway chance, to take Game 1 from Dallas in the second round. It produced arguably the best reaction photo of the year with teammates mugging Wood along the boards.

2. MacKinnon hat trick (plus one) — Nathan MacKinnon scored four goals in a home win over the Capitals. Some fans at Ball Arena threw underwear onto the ice to celebrate the hat trick. That’s rock star status for MacKinnon.

3. Makar coast-to-coast — Cale Makar displayed the most jaw-dropping goal of the year in Game 4 of the first round. The defenseman carved his way down the ice, dangled the puck, and beat Hellebuyck with a wrister on the move.

Breakout players from 2023-24 season and playoffs

1. Jonathan Drouin — He signed a one-year deal near the league minimum to reestablish his play as an elite NHL player. It worked. Drouin’s game evolved to become a reliable two-way player with a career-best 56 points. It will be difficult to re-sign him in free agency.

2. Casey Mittelstadt — Colorado paid a hefty price (Byram) to acquire the 25-year-old center. But Mittelstadt is worth the investment. He exceeded expectations in his first NHL postseason appearance. Expect Mittelstadt to sign a long-term extension this summer.

3. Ross Colton — Colton hardly played center over three previous seasons in Tampa Bay. But he displayed “exponential” growth playing mostly 3C in Colorado. Colton appears to be another smart investment to build depth around the Avalanche’s star players.

Storylines entering 2024-25 season

1. Landy and Val — It’s unclear when either player will rejoin the team and their combined cap hit next season exceeds $13 million. Landeskog is recovering from a knee cartilage transplant. Nichushkin is in Stage 3 of the NHLPA’s player assistance program.

2. Younger and cheaper — There are tough decisions ahead for unrestricted free agents on the roster. But Colorado is seeking contributions from players with lower AAV contracts. Will players like defenseman Sam Malinski and forward Jean-Luc Foudy make the roster?

3. Lehky and OC — Forward Logan O’Connor is on the mend from March hip surgery. Forward Artturi Lehkonen underwent a shoulder procedure following the playoffs and it is unknown if he will be available when training camp starts. The Avs need to get healthy.