The Calder Cup Playoffs are here.

But postseason play in the AHL is a volatile market. First-round play in the Calder Cup Playoffs is a best-of-three format. The ensuing two divisional rounds are best-of-five, allowing only slightly more margin for error.

Who is climbing? Who is holding steady? And who is falling quickly? These short series mean minimal time for playoff teams to feel out a series. Losing one game in the first round means having to fend off elimination. Six teams already face elimination following just one playoff game. They could be going home for the summer just a few days after they entered the postseason with hope.

Let’s examine who is rising, holding, and falling around the 23-team Calder Cup Playoff field.

Rising
Charlotte Checkers
Charlotte went overlooked by many for much of the regular season. In an Eastern Conference featuring top contenders like the Providence Bruins and Wilkes-Barre/Scranton Penguins, Charlotte quietly went about its business. But they came out in Game 1 against the Springfield Thunderbirds and outshot the visitors, 15-2. They also outscored Springfield 4-0 in that period and then unleashed three more second-period goals on the completely overmatched Thunderbirds to take an 8-1 victory.

While Charlotte’s roster underwent considerable offseason changes, some presence remains from the group that went to the Calder Cup Finals last year. What’s more, this team has an NHL parent club that is home for the summer. That is a potential edge that Charlotte has not had the past three years when the Florida Panthers went to the Stanley Cup Final.

Henderson Silver Knights
A force for the final two months of the regular season, Henderson went 20-3-1-3 down the stretch and ended up climbing all the way to third place in the Pacific Division. They pulled off that finish in part by recording four or goals in 18 of those final 27 games.

But could they ride that offense once the postseason arrived? So far, yes. Down two goals to the San Jose Barracuda in Game 1, they scored three unanswered goals and went on to a 5-4 overtime victory. Raphael Lavoie had two of those goals and may well be the AHL’s most dominant scoring force at the moment. He lit up the AHL for 30 goals in 45 regular-season games, and 21 of those came between Feb. 26-April 18.

Holding
Providence Bruins
For a team that posted 54 wins, an AHL record for a 72-game regular season, the P-Bruins are coming off a bad weekend. They dropped back-to-back games to the Utica Comets, including the regular-season finale on home ice, and did not look particularly impressive. Now they have a lengthy break until their first playoff game.

For all of the franchise’s regular-season success, the postseason has been much different. They have one playoff series win since 2017, and they have been eliminated in five of their past six opening-round series.

Colorado Eagles
Much like Providence, the Eagles have been a regular-season power that has fizzled come springtime. They handled the San Diego Gulls in Game 1, holding the visitors to just 18 shots. But this is a team packed with talent that should handle an inexperienced group like the Gulls.

A bigger test could come if they have to face a streaking club like Henderson next round.

Falling
Manitoba Moose
As with so many regular-season nights, the Moose put on another flat display on home ice. They finished with the third-worst home mark among playoff teams, and that pattern extended right into Game 1. This roster possesses ample talent. The Moose have won exactly one Calder Cup Playoffs series since returning to Winnipeg in 2015.

Springfield Thunderbirds
This will be a very brief postseason for the Thunderbirds if they don’t start to play like a team that is, in fact, a playoff team. Springfield came out in Game 1 like it was a random early-season contest, and it showed quickly.

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