The Calgary Flames are a team in transition.

Since Craig Conroy became general manager just over three years ago, he has shipped out a slew of established NHL regular players – with thousands of games of combined NHL experience – in exchange for picks, prospects and younger NHLers. Conroy stated a goal of making the Flames younger when he became GM in 2023, and it seems likely that process will continue for awhile longer.

And that means that we’ll probably see even more trades in the near future – whether that’s before the regular season in October or the trade deadline in March.

We took a look at the Flames’ roster and did our best to establish a trade likelihood hierarchy of the club’s major assets.

The Flames really love Blake Coleman. Why wouldn’t they? He’s a leader. He’s a winner. He blocks shots. He scores goals. He kills penalties. And he does so on a pretty palatable contract with a $4.9 million cap hit. That said, given his age and that he’s entering the final year of his long-term contract, the writing seems to be on the wall: it doesn’t feel like Coleman will be a Flame for much longer. Conroy didn’t move Coleman prior to the trade deadline because the offers didn’t blow him away. Once someone meets his price, the Texas Tiger will likely be elsewhere.

The Flames have three other established players on expiring deals at the end of the 2026-27 season. All three are set to become unrestricted free agents in a year. That trio are forward (and Sportsnet panellist) Ryan Strome and defencemen Brayden Pachal and Joel Hanley. It seems likely that at least one – Strome the most likely – and potentially all three are moved before the trade deadline. But it also feels likely that these guys are moved in-season, probably closer to the deadline itself when playoff-bound teams are adding depth for the stretch drive.

Veteran defenders Olli Maatta and Zach Whitecloud were acquired by the Flames in the second half of 2025-26 as the club moved away from MacKenzie Weegar and Rasmus Andersson, respectively. Both Maatta and Whitecloud have two seasons remaining, and could become unrestricted free agents after the 2027-28 season.

Considering the Flames’ blueline group looks to be pretty young – Zayne Parekh, Yan Kuznetsov and Hunter Brzustewicz have 131 combined NHL games under their collective belts – we don’t think the Flames are in any hurry to move a pair of effective vets that can insulate their youngsters. In a year, when they’re potentially approaching free agency (and the Flames’ youngsters have another year of big-league experience) the calculus likely changes.

The big one here is Morgan Frost. He’s heading into the final year of his current deal and could become an unrestricted free agent next July 1. He played quite well after Nazem Kadri was traded… but the Flames need to figure out if he’s a long-term piece of the puzzle or not.

The same goes for Connor Zary, who’s shown flashes of brilliance when healthy, but hasn’t been able to grab hold of a consistent role in the forward group. He’s a restricted free agent in two more seasons, but it would be advantageous if they either find a clear role for him… or find him a new place to play where that sort of opportunity exists.

We’ll put depth forwards Adam Klapka and Martin Pospisil in a similar boat. They’re effective role players. They’re good to have on the fourth line. But they’re also players that could potentially be moved to open up forward slots for younger players, and it feels like they need to figure out if they’re everyday guys or stop-gaps. (Klapka is a restricted free agent after 2026-27, but Pospisil is under contract for three more seasons.)

We’ll go through this group of six by position.

Devin Cooley is a really effective, reliable backup goalie. At the very least, he gives the position stability… and we’ll see if one of the young goalies in the AHL emerges as something special over the next two seasons.

Hunter Brzustewicz and Yan Kuznetsov were an effective AHL pairing that managed to translate that effectiveness to the NHL level, both individually and together as a pairing. Kuznetsov in particular has found a niche as a really effective penalty-killer. Neither seems likely to be moved anytime soon. Kevin Bahl is sneaky-good as a two-way defender and has five years left on his current deal.

Up front, with Mikael Backlund 37 years old and Coleman likely on the move, Sam Honzek and Joel Farabee emerged as potential checking line successors. They still need a checking centre, but having a pair of wingers that understand the role and can do it well is pretty useful.

Jonathan Huberdeau carries a $10.5 million cap hit for another five seasons. Yegor Sharangovich carries a $5.75 million cap hit for another four seasons. Barring another ugly deal coming back in a swap, both seem tough to move right now.

Mikael Backlund is the captain, will become the all-time franchise games-played leader in 2026-27, and is a really reliable 200-foot player. Between his contract, his tenure and the level of respect everyone has for him, he’s a Flame until he no longer wants to be.

Dustin Wolf and Matt Coronato are homegrown players who found clear roles and have long-term contracts.

Matvei Gridin and Zayne Parekh are top prospects that have two years left on their entry-level deals but became NHLers last season.

These four players aren’t going anywhere unless somebody makes Conroy a kooky offer.