Overall in that playoff run, Karakas had a 6–2 record, with two shutouts and a 1.71 goals-against-average. Karakas also surrendered an overtime goal clinching a Stanley Cup by Toe Blake in the 1944 Stanley Cup Finals. After helping Chicago win the Stanley Cup in 1938, Karakas asked the team's owners for a US$500 raise. The owners refused the raise, and for the next five seasons Karakas played three full seasons in the American Hockey League (AHL), and split two between the AHL and the NHL. Karakas had 28 shutouts in the regular season, and another three in the playoffs in his six seasons in the NHL. In each of the six full seasons in which Karakas appeared, he played all 48 games. In 1973, Karakas was named as an original member of the United States Hockey Hall of Fame, located in his hometown of Eveleth.