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1992 vs. the Pittsburgh Penguins

This playoff series solidified the rivalry between the Caps and Pens that endures until today. Washington wanted payback for getting bounced the year before by the Pens and took a 3-1 series lead. You know the rest. Pittsburgh stormed back to win the last three games and would go on to win a second consecutive Cup. This would not be the last time the Capitals coughed up a 3-1 series lead in their history. It also makred the second time Pens had to get past Washington to hoist the Cup.
