Just two years after missing the playoffs, the Petes returned to OHL supremacy winning the franchises ninth OHL Championship in the Petes 50th Anniversary season.
With the core of returning players from the 2004-05 Eastern Conference Finalist team, Petes General Manger Jeff Twohey made some key acquisitions to solidify a championship run. In the off-season Twohey picked up goaltender David Shantz before making probably the biggest trade in the OHL that year acquiring Steve Downie from the Windsor Spitfires in November. In December Twohey traded for rugged blue-liner Craig Cescon and at the trade deadline picked up crafty defenseman Lubomir Stach from the Guelph Storm. The ground work was in place and now it was up to the coaches to guide a star studded line up to the Championship.
The Petes went on to record the highest regular season points total in franchise history (99), only to be out done by the London Knights (102). In the Playoffs the Petes recorded a 16-3 record, a 10-0 home ice record, and an 8-0 overtime record knocking off the Ottawa 67's 4 games to 2 before sweeping the Sudbury Wolves 4-0. In the Eastern Conference Finals the Petes beat the Barrie Colts 4 games to 1 enroute to the OHL Championship Series against the Western Conference Champion London Knights. The Petes picked up in the West where they left off in the East with a 4-0 series sweep of the knights.
The Petes were off to the Memorial Cup in Moncton, New Brunswick to face the WHL Champion Vancouver Giants, QMJHL Champion Moncton Wildcats and QMJHL Finalist Quebec Remparts.
The Petes earned their only win of the tournament in the opening game with a 3-2 victory over the eventual Memorial Cup Champion Quebec Remparts, before losing 4-2 to the host Wildcats and 3-2 to the Vancouver Giants. The Petes and Giants held identical records in the tournament setting up a tie breaker game to see who would move on to the semi-final match against Moncton. This would be the final game of the Petes 50th Anniversary season as the Giants beat the Petes 6-0.