Entering NHL action on January 8th, the Calgary Flames' record was 18-21-4. That's good enough for 40 points in the standings and seventh place in the Pacific Division; the Flames also entered Thursday's action three points ahead of the Vancouver Canucks.
Despite the increasing separation at the depths of the Western Conference and the Flames' aforementioned position in the standings, the Flames do sit six points back of the Los Angeles Kings for the final playoff spot up for grabs in the West. That said, Calgary hasn't exactly taken advantage of its position, with each of their last three games ending with a regulation loss.
While LA's form hasn't been much better - the Kings have lost six of their last ten games - Calgary could have been in a much better place in the standings.
So how do the Flames approach the final few weeks before the Olympic break, during which teams will be unable to make trades, and the two-week span between the end of the Olympics and the March 6th trade deadline?
If the Flames want to be buyers and try to go all-in on a playoff push, they do have the means to try and make it work. According to PuckPedia, the Calgary Flames are currently sitting on nearly $10 million in cap space, making a move for a veteran piece extremely plausible.
In this case, teams like the Winnipeg Jets could be potential trade targets. With the Jets entering Thursday's game against Edmonton ten points back of a playoff spot and in last place in the entire NHL, the team's playoff chances are becoming bleak quite quickly. As a result, the Jets could be in a position to sell as soon as the Olympic break.
One Winnipeg Jet that Calgary could target is Luke Schenn. Not only is he entering unrestricted free agency in 2026, but he also expressed an openness to being traded from the Winnipeg Jets. While Calgary might not be atop his list of preferred teams should he truly desire a trade to a contender, the Flames do have the ability to make a trade work. In return, Calgary could send a prospect or two and a mid-to-late-round draft pick.
It's also worth noting that Luke Schenn has significant playoff experience under his belt, which could be beneficial for Calgary in the event of a playoff push. Not only did Schenn win two Stanley Cups with the Tampa Bay Lightning, but he also played a significant role defensively in Toronto's first round victory over Tampa Bay in 2023.
Other Jets players that could be sent to Calgary in a trade include Gustav Nyquist and Tanner Pearson. While Cole Perfetti could be a trade chip if Winnipeg were to invest in its prospect pool, it seems more likely that the Jets would deal away veteran contributors like Tanner Pearson if the Jets were to go down the long-term road back to contention.
However, if Calgary continues to drop games and fall further behind the likes of Los Angeles and the San Jose Sharks, who have taken advantage of the slumps experienced by LA and now Anaheim, the seller route might become far more appealing.
To NHL fans, it could be an extremely exciting route as well. While I will talk about the hype surrounding Rasmus Andersson, Blake Coleman is a player that has gained momentum in Flames-related trade rumours. NHL insider Pierre LeBrun did comment on the Blake Coleman rumours recently, claiming that the Tampa Bay Lightning have recently emerged as a team that could make a move for Coleman.
It's worth noting that Blake Coleman did play for the Lightning before; the Plano, Texas native put up 31 points in 55 games with Tampa Bay in 2020-21 while also helping the Lightning win their second-consecutive Stanley Cup. The familiarity could prompt Lightning general manager Julien BriseBois to force Calgary's hand and send Blake Coleman back to the Sunshine State.
The one problem is that the Lightning are projected to be almost $1.5 million over the cap. However, that issue could be navigated by not only asking Calgary to retain about 50-60% of Coleman's salary, but also by packaging players up in a return. A trade involving depth pieces like Zamgus Girgensons and Emil Lilleberg, who is currently on LTIR, could help to clear the cap space required to bring Blake Coleman in, however it seems likely that a piece like Pontus Holmberg would also have to be sent north.
While Tampa Bay makes sense as a trade destination, Montreal has been one of the more popular destinations suggested. That said, the Canadiens recently brought back Phillip Danault to address their issues at centre, meaning that Montreal either might not look to bring him in or would be willing to wait until after the Olympics to inquire about his availability.
Like Tampa Bay, Montreal also sits about $1.5 million over the cap, making a simple player-for-player deal nearly impossible. While Montreal could move someone that commands a significant cap hit - Josh Anderson and Alexandre Carrier's respective $5.5 million and $3.75 million price tags are of note here - such players have been pretty popular among Habs faithful while also playing important roles in Montreal's playoff return last season. It's more plausible that Montreal asks Calgary to absorb some of Blake Coleman's cap hit while sending some depth pieces and early-round picks the other way.
Another player that is more than likely going to be dealt if Calgary enters the sellers market? Defenceman Rasmus Andersson, who had been at the center of trade talks for a few seasons now.
This year, not only is Rasmus Andersson enjoying some of the best offensive production of his career (he's posted 27 points through 43 games so far this season), but he's also been a key part of Calgary's blue-line production so far this season.
In terms of potential destinations, the Vegas Golden Knights are arguably the favourite to land Rasmus Andersson. Last summer, it was noted that Rasmus Andersson did prefer a trade to the Golden Knights, and a trade to the Sin City would give Andersson the opportunity to reunite with Noah Hanifin, who was dealt by Calgary to Vegas in 2024.
If Andersson became a Golden Knight, his impact would be felt across the lineup. Since Alex Pietrangelo's injury, the Golden Knights have lacked puck movement on their right side; Vegas also sits right in the middle of the Western Conference in terms of goal-scoring. The Golden Knights are also 16th in goals per game (3.10) and 16th in total points (355), however they do sit near the top of the league with regard to special teams (they're tied with the New York Islanders for seventh in penalty kill percentage and fifth in power play efficiency).
Defensively, it isn't that great either for Vegas. The Golden Knights give up just over three goals per game (they're 14th in the NHL in that department), they're dead-last in saves, and they also sit third-last in the entire league in net save percentage. However, the Golden Knights do give up the fewest shots of anyone in the league.
Adding Rasmus Andersson would help to give the goaltending some additional reinforcement while also providing some puck movement on the other end of the ice. However, it would likely come at a price for Vegas; the Golden Knights are a projected $12 million above the cap. While they don't have clearing it all doesn't have to be a part of a Rasmus Andersson trade, it should be a focus. As a result, a potential deal could see Vegas offer up William Karlsson, who had been out with injury for much of the season and whose offensive returns diminished significantly in 2024-25, as a means to clear some salary cap space to sign Andersson to a new contract.
Moving Alex Pietrangelo's contract could also help Vegas in this regard, however it would be extremely unlikely that Calgary would be willing to take on his contract unless Vegas were to take on 50% of his remaining salary. Even then, a separate transaction involving the former St Louis Blue should not be ruled out.
Other Flames that could be moved include former Toronto Maple Leaf Nazem Kadri, who was rumoured to be a trade target for Toronto and Montreal at several points this year.
Like a good majority of the teams across the NHL, the Calgary Flames find themselves walking an extremely thin-but-interesting line, one that separates playoff contention and the draft lottery. While a playoff push is still very plausible at this junction of the season, one should also keep the potential of a fire sale in mind (I only just now noticed my weak attempt at a fire-related joke).