After the playoff loss, owner Melnyk promised that changes were coming and they came quickly. In June 2004, Anaheim Ducks GM Bryan Murray of nearby Shawville, became head coach. That summer, the team also made substantial personnel changes, trading long-time players Patrick Lalime and Radek Bonk, and signing free agent goaltender Dominik Hasek. The team would not be able to show its new lineup for a year, as the 2004–05 NHL lockout intervened and most players playing in Europe or in the minors. In a final change, just before the 2005–06 season, the team traded long-time player Marian Hossa for Dany Heatley.

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The media predicted the Senators to be Stanley Cup contenders in 2005–06, as they had a strong core of players returning, played in an up-tempo style fitting the new rule changes and Hasek was expected to provide top-notch goaltending. The team rushed out of the gate, winning 19 of the first 22 games, in the end winning 52 games and 113 points, placing first in the conference, and second overall. The newly-formed 'CASH' line of Alfredsson, Spezza and newly-acquired Dany Heatley established itself as one of the league's top offensive lines. Hasek played well until he was injured during the 2006 Winter Olympics, forcing the team to enter the playoffs with rookie netminder Ray Emery as their starter.Without Hasek, the club bowed out in a second round loss to the Buffalo Sabres.