Flames looking to take contract back for Connor Zary

The Calgary Flames are looking to take a contract back in return for Connor Zary, according to insider Elliotte Friedman

The 25-year-old, who carries a $3.775M AAV on his deal for two more seasons, was recently placed on waivers and sent down to the Flames’ AHL affiliate. The former first-round pick had suddenly become a very intriguing option to pick up on the waiver wire. Having said that, Zary was left alone because of that annual payment that teams weren’t willing to take on initially.

So, where are we with things? As my colleague Ethan Hetu highlighted earlier, in light of Friedman’s Saturday Headlines, The Canucks were interested, Friedman confirmed that in his recent "32 Thoughts" podcast. A few other teams are circling, but Vancouver is definitive.

The Flames, who are currently winless at an 0-5-0 record, do not need to rush a deal. In the midst of an obvious teardown to rebuild, Calgary had the option to maybe retain some salary on Zary’s deal in a trade. Friedman reported that they’re not looking to use it on him, having one retention spot remaining. One of their two retention slots is currently taken by Nazem Kadri at $1.4M for three more years remaining, 20% of his $7M AAV on Calgary’s books within trading him to Colorado. The other, Blake Coleman in Minnesota, has a year left with $2.45M retained, 50% of his $4.9M AAV.

Even then, with Zary in the minors, the majority of his salary still counts toward the Flames’ current cap hit, $2.55M to be exact. If he remains in the AHL, it’s money that won’t be NHL-utilized for the foreseeable future.

Could Calgary maybe attach a draft pick to convince a team to acquire his services for a reacclimation project? As a rebuilding team, that wouldn’t be in their best interest. The Flames, while having a stockpile of three top-64 picks in each of the next three drafts, are probably looking to get even more draft picks by the trade deadline. Friedman noted that Flames GM Craig Conroy is committed to the rebuild they’re in. This leaves the final and only option for a bottom-dwelling organization: take on an undesirable contract as a return.

However, given the situation, Zary isn’t completely undesirable himself. He has not progressed since a strong initial season in 2023-24, when he scored 14 goals and totaled 34 points in 63 games with a +12 rating. Injuries have played a factor in his growth, but that shouldn’t take away from his NHL-producing abilities. While yet to play a full NHL campaign, his numbers, especially in 2024-25 in a full 82-game season, would’ve seen 41 points.

The Flames drafted Zary to be a scorer, and so far, he has not become entirely what they wanted when they selected him 24th overall in the 2020 NHL Draft. However, if a team that needs an offensive punch in the middle-six is willing to give that second chance, he may prove impactful in an NHL forward group that’ll benefit from his secondary production.