Grading each of the Flames’ September contract extensions

The Calgary Flames managed to tie up all loose ends and then some in the final month before the 2025-26 NHL season kicks off.

In a span of 12 days, GM Craig Conroy and co came to terms with the final roster player without a contract (Connor Zary), locked up the franchise’s cornerstone into his 30s (Dustin Wolf), and re-upped the longest tenured Flame and captain Mikael Backlund.

Mikael Backlund

The contract: 2 years x $3.25 million AAV

Backlund has one year left on his current deal, which carries an AAV of $4.5 million; thus, his new extension won’t take effect until the 2026-27 season. The $1.25 million that Calgary saves when Backlund’s extension kicks in seems fair, as Father Time inevitably catches up to the 36-year-old Swede.

There’s good and bad to this deal; the good is that Calgary retains one of its most relied-upon players before the cap spikes and contracts inflate across the board. Additionally, this deal likely ensures that a franchise legend retires in red. Backlund is already etched in Flames history, ranking second all-time in games played (1,066), sixth in goals (215), and seventh in points (563), and is still competing at a high level.

Considering the rather large deals that some veteran free agents were receiving in July, this deal looks fair. However, I would be higher on this extension if the term carried less risk, but because it sees Backlund into his age-39 season, there is an element of gambling that he’ll still be productive at a stage that most players aren’t. Just three skaters age 39+ logged NHL minutes last season, Alex Ovechkin, Corey Perry and Brent Burns.

I do believe Backlund will play out the entire contract, but whether or not he’ll be worth $3.25M by the end of it is a legitimate question.

Grade: C+

Connor Zary

The contract: 3 years x $3.775 million AAV

In my humble opinion, the Flames nailed this deal…

Calgary got the max number of years (3) while still keeping full control over Zary as it walks him to his final year of RFA eligibility without giving him arbitration rights. The AAV is totally fair based on the Saskatoon native’s production through his first two NHL seasons (61 points in 117 games).

A first-round pick of the Flames (24th overall) in 2020, Zary turns 24 on Sept. 25 and surely has more growth ahead of him over the course of this new deal. Down the road, when it’s time to re-negotiate, Zary will be 26 and Calgary will have a much better idea of what caliber player he is. In the meantime, they keep an important offensive piece locked up at a very affordable number.

Grade: A

Dustin Wolf

The contract: 7 years x $7.5 million AAV

This was the big one, as the Flames locked up their ace netminder a year in advance of him becoming an RFA, keeping him under contract for the next eight seasons.

Wolf put on a clinic last season, his first as a full-time starter, posting a .910 save percentage and a 29-16-8 record. He finished second in Calder trophy voting, and had the Flames squeaked into the playoffs, he could have garnered Hart trophy consideration.

Many fans were clamouring for management to extend the franchise’s most valuable player before he had the chance to increase his value any further in his sophomore season. That being said, Wolf got a ton of cash.

The Flames may not have saved much money in this particular negotiation, but what matters most is that they came out of it with a long-term deal for a player that will be integral to their success over the next decade. Seven years should be music to Calgarians’ ears, especially in this new world of short-term deals, with star players reportedly willing to bet on themselves given the unprecedented salary cap jumps on the horizon.

Not that the Flames overpaid on this deal, but if there’s anyone on the roster that you’d feel comfortable handing a blank cheque to, it’s undoubtedly Wolf.

Grade: A