Failure to lead a team/group/etc... to any meaningful success after proclaiming said team to be great champions who have "arrived." It is also used to describe a hockey player who can't properly execute a body check because he leaps into his opponents like some eleventeen-year-old playing hopscotch in elementary school.
Matt: Dude, did you see the Capitals choke again this year?
Chris: Yeah, Bruce and Ove have like four Oveckants in a row.
Matt: Are they going to fire the coach or GM now?
Chris: No, an organization of Ovechkants is doomed to epic failure.