The Inauguration Cup is awarded to the champions of the preseason Challenge Tournament. It was originally intended to be awarded only once, at the start of the league's first season, but the Challenge Tournament continued for additional seasons and the trophy was awarded again. It was retired from Season Three through Season Six and replaced by the Barry Moore Memorial Trophy but came back into use for Season Seven.
| Season | Winner(s) |
|---|---|
| 38 | Minnesota North Stars (GM: Clark Rasmussen) |
| 37 | Ottawa Senators (GM: Kevin Laitinen) |
| 36 | Detroit Red Wings (GM: Brian Stewart) |
| 35 | Hamilton Tigers (GM: Dan Marvin) |
| 34 | Detroit Red Wings (GM: Brian Stewart) |
| 33 | Cleveland Barons (GM: Peter Hewgill) |
| 32 | Hamilton Tigers (GM: Dan Marvin) |
| 31 | Kansas City Scouts (GM: Dave Laity) |
| 30 | Hamilton Tigers (GM: Dan Marvin) |
| 29 | Ottawa Senators (GM: Kevin Laitinen) |
| 28 | Minnesota North Stars (GM: Clark Rasmussen) |
| 27 | Colorado Rockies (GM: Norm Boulanger) |
| 26 | Minnesota North Stars (GM: Clark Rasmussen) |
| 25 | Cleveland Barons (GM: Peter Hewgill) |
| 24 | Colorado Rockies (GM: Norm Boulanger) |
| 23 | Atlanta Flames (GM: Jody Simms) |
| 22 | Detroit Red Wings (GM: Brian Stewart) |
| 21 | Colorado Rockies (GM: Norm Boulanger) |
| 20 | Atlanta Flames (GM: Jody Simms) |
| 19 | Montreal Canadiens (GM: Joey Loonen) |
| 18 | Kansas City Scouts (GM: Dave Laity) |
| 17 | New York Americans (GM: Neil Burke) |
| 16 | Quebec Nordiques (GM: Guido) |
| 15 | Detroit Red Wings (GM: Brian Stewart) |
| 14 | Minnesota North Stars (GM: Clark Rasmussen) |
| 13 | New York Americans (GM: Neil Burke) |
| 12 | Montreal Canadiens (GM: Joey Loonen) |
| 11 | New York Americans (GM: Nick Moore) |
| 10 | New York Rangers (GM: Shawn Guest) |
| 9 | Minnesota North Stars (GM: Clark Rasmussen) |
| 8 | Cleveland Barons (GM: Sean Neal) |
| 7 | Minnesota North Stars (GM: Clark Rasmussen) |
| 3 | Quebec Nordiques (GM: Scott Henson) |
| 2 | Ottawa Senators (GM: Vicente Ojeda) |
| 1 | Cleveland Barons (GM: Brad McCrimmon) |