Calgary Flames general manager Craig Conroy has turned five expiring contracts into 14 or 15 assets

The day he was announced as the new general manager of the Calgary Flames, Craig Conroy pledged to keep an eye on asset management when it came to the club’s seven pending 2024 unrestricted free agents. Referencing what happened in the 2022 off-season with Johnny Gaudreau, he noted the team wouldn’t let players walk away for nothing.

On Wednesday night, Conroy took care of the final lingering piece of business when he traded Noah Hanifin to the Vegas Golden Knights.

Conroy signed Mikael Backlund to a two-year extension during training camp. Oliver Kylington returned from a 20-month absence in January and all indications are things are trending towards a contract extension for him as well.

Tyler Toffoli, Nikita Zadorov, Elias Lindholm, Chris Tanev and Hanifin were all traded.

The five trades, at a glance

• On Jun. 27: Tyler Toffoli was traded to the New Jersey Devils for Yegor Sharangovich and a 2023 third-round selection (used to select Aydar Suniev)
• On Nov. 30: Nikita Zadorov was traded to the Vancouver Canucks for a conditional 2024 fifth-round pick and a 2026 third-round pick
• On Jan. 31: Elias Lindholm was traded to the Vancouver Canucks for Andrei Kuzmenko, Hunter Brzustewicz, Joni Jurmo, a 2024 first-round pick and a conditional 2024 fourth-round pick
• On Feb. 28: Chris Tanev (50% retained) was traded to the Dallas Stars (in a three-team trade also involving New Jersey) in exchange for a 2024 second-round pick, a conditional 2026 third-round pick and Artem Grushnikov
• On Wednesday: Noah Hanifin (50% retained) was traded to the Vegas Golden Knights (in a three-team trade also involving Philadelphia) in exchange for a conditional 2025 first-round pick, a conditional 2025 third-round pick and Daniil Miromanov

Asset inflows and outflows

The 2024 Stanley Cup Playoff results that would maximize the Flames’ draft capital would be as follows:

• Dallas advances to the Stanley Cup Final – the Flames would receive a 2026 third-rounder from Dallas (otherwise they receive no pick)
• Vancouver advances to the Western Conference Final – the Flames would receive a 2024 third-rounder from Vancouver (otherwise it’s a 2024 fourth-rounder)
• Vegas advances to the second round – the Flames would receive a 2025 second-rounder from Vegas (otherwise it’s a 2025 third-rounder)

So what now?

The Flames have used up two of their three salary retention spots. They enter the last two days before the trade deadline with, to be blunt, oodles of flexibility in terms of their roster, their contract structure and the salary cap.

If nothing else, Conroy has done what he said he would do. No matter how painful it may have been to do, Flames management has moved five significant players on expiring contracts for future assets rather than let those players walk to free agency and leave the Flames with nothing to show for them.

Where the Flames go from here – both in the short and medium term – is going to be fascinating.