Offseason lookahead: Where do Flames go from here?

Part 1 of our offseason lookahead series examined what the Montreal Canadiens can do to keep their rebuild on the right track. Part 2 broke down what the Ottawa Senators must do to get over the hump. In Part 3, we analyze the best direction the Calgary Flames can go.

The Flames will miss the playoffs for the second straight year following a season with no shortage of distractions. Calgary entered the campaign with a rookie general manager in Craig Conroy, a rookie head coach in Ryan Huska, and a staggering five key pending unrestricted free agents. That's not an easy situation for anyone to handle.

Calgary extended captain Mikael Backlund before the start of the season but ended up trading the other four pending UFAs: Nikita Zadorov, Elias Lindholm, Chris Tanev, and Noah Hanifin.

The Flames now enter the offseason with eight picks in the first four rounds of the 2024 NHL Draft, several young up-and-coming players, and a core of aging veterans. Where do Conroy and Co. go from here?

Embrace a rebuild

The Flames could go all-in, adding immediate help to try and win before Jonathan Huberdeau, Nazem Kadri, and MacKenzie Weegar - three 30-plus players signed through at least 2028-29 - get too old. But that strategy would likely lead to more long-term pain.

We're not saying Conroy needs to completely tear the team down to its core, but he must resist the urge to hand out more long-term contracts to aging players and instead continue to try and get younger.

The Flames should be open for business. There are obvious trade candidates - like goalie Jacob Markstrom and 2025 pending UFAs Andrew Mangiapane and Andrei Kuzmenko - but nothing should be off the table if a team steps up with the right offer.

Without a new arena deal, a rebuild may have been out of the question. But after locking in a 35-year commitment to stay in Calgary - and a new rink coming by 2026 or 2027 - the Flames have the luxury of rebuilding the right way without having to worry about how plummeting attendance could put the franchise at risk of moving.

The Flames have only drafted in the top five once in the last 50 years and have never drafted in the top three in that span. Bottoming out and getting a chance to select a homegrown superstar over the next few years would be a great way to turn the franchise around.

Trade Markstrom

The Markstrom saga has been a prominent distraction during the 2023-24 season. The Flames and New Jersey Devils reportedly came close to a trade for the veteran goalie, which ultimately fell through. Markstrom, whose contract contains a no-movement clause, said he wasn't happy with how the Flames' front office handled his situation.

It's clear that both sides need to move on, and the Devils reportedly still plan to pursue Markstrom in the offseason. That's good news for the Flames, who should try and work out a deal to turn the page as soon as possible.

It's important to trade Markstrom this offseason because of how volatile the goaltending position is. He's in the midst of a stellar season with a .906 save percentage and 28.4 goals saved above expected - the second-most in the league, per Evolving-Hockey.

But Markstrom posted one of the worst seasons of his career last season with an .892 save percentage and 1.5 goals saved above expected. If he were to return to his 2022-23 form for the Flames next year, it could torpedo his trade value. That'd be far from ideal considering he's 34 years old and signed for two more seasons with a $6-million cap hit.

Extend Sharangovich

One 2025 UFA the Flames should look to keep is Yegor Sharangovich. At just 25 years old, he could still be part of the solution when the Flames try to turn the corner in a few years. He's been a great fit with the club, establishing new career highs in goals (29), assists (25), and points (54) through 75 games this season. A 17.8 shooting percentage may be unsustainable, but there's still some room for growth in other areas of his game.

A four- or five-year extension with an average annual value of around $5 million could be a good deal for both sides.

Weaponize cap space

Even before trading anyone, the Flames will have about $18 million of cap space at their disposal. With Dustin Wolf as the team's only notable pending restricted free agent, Conroy should use that cap space to further improve his team's draft pick pool and prospect pipeline.

Contending teams are always trying to clear cap space ahead of free agency, and they're typically willing to add sweeteners to trades if it means ditching a bad contract. As long as it's a short-term deal, the Flames should definitely be willing to take on an unwanted player if it'll net them a premium draft pick or prospect.

The Flames should also be willing to retain salary as a third-party broker if it scores them a draft pick.

Sign playoff-type UFAs for trade bait

Even as a rebuilding team, the Flames still have several holes on the roster they'll need to fill for the 2024-25 season - the majority of which are on defense.

Weegar, Rasmus Andersson, and Daniil Miromanov should be lineup mainstays. Joel Hanley and Brayden Pachal are good depth options. But otherwise, the Flames could use two-to-three blue-liners to fill out their lineup.

Oliver Kylington is a logical candidate to be re-signed. The smooth-skating Swede was understandably rusty after initially rejoining the lineup following a near two-year absence. But he's started to look more like his normal self of late. Trying to re-sign him to a one-year deal would be a wise move.

The Flames should also try and target UFA defensemen on one-year deals who they could flip at the deadline for draft picks. Even third-pairing-caliber defensemen can net third-round picks, as evidenced by the return the Washington Capitals received for Joel Edmundson this past deadline.

Targeting physical defenders whom playoff teams will covet should be Conroy's free-agent strategy. Edmundson, Brenden Dillon, Ian Cole, Derek Forbort, and Ilya Lyubushkin would all make sense on cost-friendly, short-term deals.

The Flames are largely set up front, but they could use another middle-six center option. Sharangovich has mostly played center since the deadline, but he's a better fit on the wing. UFA centers who'd make sense on short-term deals include Alexander Wennberg, Max Domi, Chandler Stephenson, Teddy Blueger, and Kevin Stenlund.