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The most prestigious team award is the Polivanov Cup, which is awarded to the league champion following the end of the Polivanov Cup playoffs. The team that has the most points in the regular season is awarded the Commissioner's Trophy. With the addition of foreign teams, the title Champion of Volkia was created in 2015 and is awarded to the highest placing Volkian team.
The Volkgoroda Statesmen are the most successful franchise in the league. Since the league's first started play in 1956, they have won the Polivanov Cup
The longest streak of winning the Polivanov Cup is four, held by the Volkgoroda Statesmen from 1976-77 to 1980-81.
The second most successful VHL franchise is the Yadrin Penguins with 12 total Polivanov Cups, most recently in 2018.
The same trophy is reused every year for each of its awards. This makes the Polivanov Cup unique in Volkian sports, as the championship trophies of the country's other professional sport leagues are made new every year for that year's champion. Although only one trophy is used, the names of the winning teams and players are engraved every year on the Polivanov Cup. The same can be said for the other trophies reissued every year.
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