The trophy was introduced at the start of the 1985–86 NHL season by the league's Board of Governors. Before the 1985–86 NHL season, the best team in the league during the regular season was allowed to hang a banner stating "NHL League Champions". The winning team is also awarded 350,000 Canadian dollars, to be shared between the team and its players. The Presidents' Trophy winner is guaranteed home-ice advantage in all four rounds of the Stanley Cup playoffs, provided the team goes that far, so it remains the most likely position to produce the cup winner.