any traditions associated with it ?
Multiple  traditions one such is  the winning team drink champagne from the top bowl after their victory
Stanley Cup
There are many traditions associated with the Stanley Cup. One of the oldest, started by the 1896 Winnipeg Victorias, dictates that the winning team drink champagne from the top bowl after their victory.
what happens when a team wins the stanley cup UNANSWERABLE what is this cup ? It is the championship trophy awarded annually to the National Hockey League  playoff winner.
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Stanley Cup [SEP] Traditions and anecdotes
There are many traditions associated with the Stanley Cup. One of the oldest, started by the 1896 Winnipeg Victorias, dictates that the winning team drink champagne from the top bowl after their victory. The Cup is also traditionally presented on the ice to the captain of the winning team after the series-winning game; each member of the victorious club carries the trophy around the rink. However, this has not always been the case; prior to the 1930s, the Cup was not awarded immediately after the victory. The first time that the Cup was awarded on the ice may have been to the 1932 Toronto Maple Leafs, but the practice did not become a tradition until the 1950s.