Last week we examined some of the Calgary Flames’ worst trades over the last 25 years, a frightening read. This week, we’ll attempt to mend those wounds by ranking the top five best trades the Flames have made thus far in the 21st century.

It’s easy to criticize Calgary management for making bad trades, but it’s even easier once you actually take a look at their trade history, I digress, as we are looking at the positive after all, the point being that this is a difficult list to make as ‘good’ trades have been few and far between in Calgary for quite some time now.

Regardless, let’s dive in, starting at five and counting down to one.

Following their 2004 playoff run, the Flames scoured the league in search of linemates to play alongside their young superstar captain Jarome Iginla. During this search, Calgary targeted Quebec native Alex Tanguay and eventually acquired him from the Avalanche at the 2006 NHL Entry Draft for Jordan Leopold and two second-round selections, one in 2006 and the other in 2007.

This trade makes the list from an asset management standpoint alone. Tanguay had two very productive seasons in Calgary following the trade, with 139 points in 159 games. The Flames made the playoffs in both years of Tanguay’s initial stint with the team, he had 8 points in 13 total playoff games. When it was time to move on, Calgary was able to get good value for Tanguay, trading him and a fifth-rounder for first and second-round selections just two years after acquiring him.

Leopold had a cup of coffee in Colorado and then spent the rest of his career as a journeyman. In the end, the Flames got two really good years out of Tanguay and then flipped him for more than they acquired him for.

Because this trade is so recent, its inclusion on this list speaks to the lack of better options in the Flames trade history. That said, with the way this trade is currently trending, it could move up this list in the very near future.

Amidst their firesale last season, the Flames dealt first-line centre Elias Lindholm, who was on an expiring deal, to the Vancouver Canucks in exchange for Andrei Kuzmenko, Hunter Brzustewicz, Joni Jurmo, a 2024 first-round pick and a conditional 2024 fourth-round pick. Although this trade is still in its infancy, and we still don’t know how exactly it will play out, the early return on investment indicates that Calgary may have fleeced the Canucks.

Kuzmenko caught fire in Calgary scoring 14 goals and 25 points in the 29 games he played with the Flames following the deal in 2024, and despite his struggles this year, the Russian sniper could fetch some kind of return if Calgary decides to move on from him this season. Brzustewicz finished second in points by a defenceman in all of the Canadian Hockey League in 2023-24 with 92 and is currently amid his rookie campaign with the Calgary Wranglers this season.

The Flames used the first-round pick to select Matvei Gridin 28th overall. Gridin has not disappointed in his first season in the QMJHL, sitting eighth in league scoring with 25 goals and 55 points in 42 games. The conditions on the fourth-round selection were not met (it didn’t convert to a third-rounder) and the pick was eventually traded to Philidelphia at the 2024 NHL Entry Draft for fifth and sixth-round picks that were used to select Luke Misa and Eric Jameison respectively.

For Vancouver, they got 39 total games out of Lindholm, in which he had 22 points, they were defeated in the second round of last year’s Stanley Cup Playoffs. Ultimately the Flames traded a few months’ worth of Lindholm for a whopping 6 assets.

The Flames ended their tumultuous relationship with a young Sven Baertschi by way of trade to the Canucks back in 2015. In exchange for their former first-round pick, Calgary acquired a 2015 second-round pick which they used to select Swedish blue-liner Rasmus Andersson 55th overall.

Andersson made his debut as a Flame in 2016 and has since played 503 games with Calgary, accumulating 219 points. Rasmus is currently serving on the Flames’ top pairing and is signed to a very team-friendly $4.55 million AAV deal through next season. Needless to say, Andersson’s value has far exceeded that of Baertschi, who played 227 total games for the Canucks and was out of the league by 2021.

Calgary killed two birds with one stone in this trade, packaging two players that didn’t fit the Flames’ future outlook in exchange for a massive return. Rumours of defenceman Dougie Hamilton not meshing well in the locker room and Adam Fox’s unwillingness to sign an entry-level deal in Calgary made both players trade candidates for Calgary. In the 2018 off-season, the Flames traded Hamilton, Fox and Micheal Ferland to the Carolina Hurricanes for 24-year-old Elias Lindholm and 22-year-old Noah Hannifin.

The additions of Lindholm and Hanifin helped catapult Calgary to the top of the Western Conference in their first year with the team, and both would go on to have lengthy tenures as Flames. Lindholm broke out in Calgary with 357 points in 418 regular season games, and finished second for the Selke Trophy in 2021-22. Like Lindholm, Hanifin also found his footing with the Flames, shifting to a more stay-at-home defenceman role while still maintaining offensive prowess from the back end. Hanifin totalled 420 regular season contests with Calgary, he accrued 191 points over that span while logging heavy minutes as a top-four defenceman.

Although Fox has flourished, winning the Norris Trophy in 2020-21, he made it clear he had no interest in signing with the Flames after he was selected by them 66th overall in 2016, leaving Calgary no choice but to trade him. Instead of simply cutting their losses, the Flames maximized their return on Fox, using him as a key piece in a deal that netted them a franchise-altering package.

The belle of the ball on this list is none other than Flames legend Miikka Kiprusoff. The future Vezina-winning goaltender was selected 115th overall in 1995 by the San Jose Sharks, but he didn’t make an NHL start until 2000. When he did eventually crack the Sharks’ lineup he was stuck behind starter Evgeni Nabokov and backup Vesa Toskala posted inconsistent numbers. It wasn’t until he was acquired by Calgary in 2003 for a conditional second-round pick, that he was given a real chance to prove himself. He more than proved himself in his first season with the Flames in 2003-04, putting up gaudy numbers, in his 38 starts he rocked a 1.70 GAA with a .933 save percentage. He then went on to start all 26 games of the Flames 2004 playoff run, leading them all the way to the cup final.

Kipper rounded out his 9-year career in Calgary leading the franchise in games played, wins, goals against average and shutouts and is probably the greatest goaltender in Flames history; not too shabby for the second-round price that they paid to acquire him.