Tiering the Calgary Flames’ trade assets ahead of their next fire sale
It took six tries for the Calgary Flames to win their first game of the 2026-27 regular season. And even after they picked up their first two points of the year in against the Anaheim Ducks on Tuesday, the Flames remain in 32nd place in the NHL with a pitiful .167 points percentage.
None of this is much of a surprise to the Flames fans who have watched general manager Craig Conroy disassemble the team’s roster over the past three seasons. Under Conroy, the Flames have radically pivoted toward a much-needed rebuild after a brief, ill-fated attempt to contend in the wake of Matthew Tkachuk’s and Johnny Gaudreau’s departures.
The Flames have already done much of the dirty work in their rebuilding process, but they still have a few valuable pieces to dangle on the trade market this year. And considering the nature of their 1-5-0 start, it won’t be long before other teams start calling Conroy on a daily basis to see where he stands.
In contrast with previous seasons, there aren’t a ton of teams who already project to be cut-and-dried sellers this far out from the deadline. The Flames certainly do, though, and their top assets can be divided into the following tiers.
The hottest commodities
As opposed to last season, in which they dominated the trade market with the likes of Rasmus Andersson, Nazem Kadri, and MacKenzie Weegar, the Flames have fewer (and lesser) trade pieces available to acquire this year.
Their most coveted player might be Zach Whitecloud, who has become a highly sought-after veteran around the league in less than a calendar year after essentially being a throw-in to make the Andersson trade work. Whitecloud is immensely popular in the Calgary community and is signed for another season after this one, so there’s no urgency for the Flames to move him if the offers don’t meet a certain standard. At the same time, the 29-year-old righty might never be worth more than he is right now, especially at his comically reasonable $2.75-million cap hit.
Then, of course, there’s Morgan Frost, who is one of the only notable centers under age 30 slated to become an unrestricted free agent next summer. Frost led the Flames with 22 goals last season and has spent the first six games of 2026-27 on their top line with Matt Coronato and one of Matvei Gridin and Aydar Suniev. The 27-year-old pivot has consistently been good for around 40 points a year with the Flames and Philadelphia Flyers; Frost would make a lot of sense as a third-line center and power-play weapon for a contender. Considering how shallow the current center market is, Frost could conceivably fetch a pretty hefty return for the Flames.
Maybe next year
The Flames won’t want to get rid of every trade asset on their roster, particularly after tearing it all down to the studs last year, but they’ll likely have to field some difficult questions about a pair of 2028 UFAs over the next few months.
Acquired from the Flyers alongside Frost in 2025, Joel Farabee has reinvented himself as a gritty, two-way middle-six winger in Calgary. He scored 20 goals in his first full season with the Flames and is tied for the team lead with three points through six games in 2026-27. When Farabee first joined the Flames, his $5-million cap hit seemed a little rich; now, in the new cap environment, it’s more than fair value for what he provides. Farabee is signed through the end of next season and will become eligible for an extension on July 1.
The same applies to Flames backup goaltender Devin Cooley, who burst onto the scene with a 10-10-6 record and a .909 save percentage in 31 games with the club in 2025-26. The Flames have no reason to consider trading Cooley now, with no obvious alternatives to play second fiddle to Dustin Wolf in the immediate future. Still, if Cooley can return to the form he showed last year after his underwhelming start to the new season, he’ll be an attractive target for teams looking to shore up their goaltending depth. He’s signed at a paltry $1.35-million cap hit this year and next.
Maybe in a few years
It’s relatively easy to map out which players might be available on the trade front over the next 18 months. Beyond that, though, it gets much trickier.
The Flames have Yegor Sharangovich signed for three seasons after this one at a considerable $5.75-million cap hit. It’s a big ticket for a utility player who has long been derided for his inconsistency. Sharangovich scored 31 goals for the Flames in 2023-24 but has generally been good for around 15-20 per year before and since, and while he skates well and kills penalties, he doesn’t always make full use of his elite shot. As the salary cap continues to rise, Sharangovich’s contract will become more reasonable and appealing to other teams; for now, the 28-year-old is a fine placeholder for a Flames team with relatively little forward depth.
Martin Pospisil also has considerable term on his contract — two years past the 2026-27 season — but is signed at a much more palatable $2.5-million AAV. When he’s at his best, the Slovak center is one of the Flames’ fastest players and a terrific pest who backs up his antics with a well-timed goal or assist. Unfortunately, the latest in a long line of concussions limited Pospisil to just 22 games in 2025-26, and even when he played, he didn’t look at all like his usual self. For now, Pospisil is working to reclaim his regular role with the Flames, but it isn’t difficult to imagine a market forming around him in the years to come.
Keep an eye on Adam Klapka as another particularly intriguing trade target on the Flames’ fourth line. The 6-foot-8 right winger plays much more of a finesse-oriented game than his frame might imply, but he’s also no stranger to dropping the gloves when necessary. Klapka is an endlessly likeable bottom-six forward who will likely remain a Flame for a few more years beyond this one; he’s slated to become a restricted free agent on July 1. However, both Klapka and Pospisil are 26, and it does feel like the Flames might have to trade one of them to make a bit more room for some of their up-and-coming forward prospects.
Finally, the Flames only just acquired Jake Middleton from the Minnesota Wild in July as part of the trade return for Blake Coleman and Olli Maatta. The 30-year-old left-shot defender has gotten off to a bit of a rough start in Calgary while playing alongside young right-hander Zayne Parekh, but Middleton is the type of player who is generally coveted by contending teams for his simple game and rugged sensibility. That said, Middleton comes with a $4.35-million cap hit through 2029, which will likely scare off any prospective buyers … for now.
First come, first served
These next five players likely could be had today for the right price.
The Flames have already taken the difficult step of placing Connor Zary on waivers. The 2020 first-round pick has struggled to build upon the form he showed as a rookie in 2023-24, in which he scored 14 goals and 34 points in just 63 games; he’s sustained a series of knee injuries in the years since that have drastically limited his agility and straight-line speed. If not for his contract, which carries a $3.775-million cap hit this year and next, Zary almost certainly would’ve been claimed off the waiver wire. As it stands, he’s currently with the AHL’s Calgary Wranglers, with whom he has three points in three games this season. Don’t be surprised if a trade materializes soon.
Speaking of waivers … the Flames claimed both Joel Hanley and Brayden Pachal for free to shore up their defensive depth midway through the 2023-24 season, and while Hanley remains on their active roster, Pachal cleared waivers earlier this month and is now with the Wranglers. Hanley is a 35-year-old lefty and an ideal No. 7 or 8 defenseman for a contender, having previously filled that role for the Dallas Stars during their run to the 2020 Stanley Cup Final; Pachal is a 27-year-old righty with a bit less experience but more size, and his name is on the Cup as a member of the 2023 Vegas Golden Knights.
Maxim Tsyplakov is a big-bodied fourth-liner who joined the Flames over the summer as part of the Simon Nemec trade with the New Jersey Devils. Tsyplakov is 28 and makes $2.25 million through the end of the 2026-27 season, which doesn’t sound so bad until you realize he only had four points in 49 games last year. By most accounts, the Flames took Tsyplakov in the Nemec deal to make the money work, but if Tsyplakov can keep his spot on the fourth line until the Trade Deadline, he could be of interest to teams looking to add a bit more size to their group.
It’s also worth mentioning Ryan Strome here, if only as a bit of a special case. The Flames acquired Strome from the Anaheim Ducks at the last Trade Deadline for the low, low price of a 2027 seventh-round pick; the 33-year-old center is set to become a UFA next summer at the conclusion of his current contract, which carries a $5-million cap hit. However, Strome has been an excellent fit in Calgary, collecting six goals and 15 points in 25 games and recently being named an alternate captain. If someone offered the Flames considerably more than they paid for Strome, they’d have to consider it, but it also wouldn’t be surprising to see the team sign him to a short-term extension.
Nothing’s impossible
These two players won’t be on the move anytime soon, but never say never.
Mikael Backlund has spent his entire professional career with the Flames organization. The 2007 first-round pick remains the team’s top two-way forward and will pass Jarome Iginla to become the franchise’s all-time games played leader later this season. Backlund is signed to a contract that will keep him in Calgary through the end of the team’s first season at Scotia Place, at which point he’ll be 39. The Flames will do anything to accommodate their captain’s wishes, and so far, he’s stayed put — but if he ever expresses a desire to chase the Stanley Cup in the twilight of his playing career, you can bet there’ll be interest.
Finally, it’s anyone’s guess as to what happens with Jonathan Huberdeau moving forward. The 33-year-old winger is working to return from hip resurfacing surgery and still has yet to play a game in 2026-27. While he’s never lived up to his $10.5-million cap hit, Huberdeau is also undoubtedly one of the Flames’ most talented players. Conroy has stated it’s “a matter of when, not if” Huberdeau returns to the lineup, but the Flames have no reason to rush him back. When he does suit up again, Huberdeau’s biggest challenge will be to readjust to the pace and rigors of the NHL. If, over the nearly five years left on his contract, Huberdeau can regain some semblance of his past form, he might eventually play his way out of Calgary. But it’s a big if.
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