With the Modern Era expansion in the 1967–68 season and the creation of the West Division, the Wales Trophy was awarded to the team that finished in first place in the East Division during the regular season. When the league formed two conferences in the season of 1974–75, the award was transferred to the team that finished with the best regular-season record in the Wales Conference. Starting with the 1981–82 campaign, when the league changed its playoff format so that the two teams meeting in the Stanley Cup finals could no longer come from the same conference, the trophy was presented to the Wales Conference playoff champions, and since the 1993–94 season, the Eastern Conference playoff champions have won the award.