Craig Conroy’s trade ledger keeps leaning on the same basic idea: move the right player at the right time, and don’t get stuck paying for yesterday. That approach showed up again in trades 7 through 9, with one deal that looks like a home run, another that fits the pattern of smart asset management, and a third that aged into something the Flames can feel good about.
The biggest swing of the group came when Calgary finally completed the Jacob Markstrom move to New Jersey. Conroy had already had a deal lined up in February of 2024, with Markstrom waiving his no trade clause, but that version collapsed for unknown reasons. Four months later, the goalie was officially sent to the Devils, and the Flames got back Kevin Bahl plus a 2025 first round pick that became Cole Reschny.
That trade has turned into one of the best Conroy has made since taking over as GM. Calgary turned a disgruntled, inconsistent, aging goaltender into two useful assets, and Bahl has developed into a legitimate top four, defensive defenceman on an excellent contract.
Reschny, meanwhile, is the top forward prospect in the Flames system. The move also cleared the runway for Dustin Wolf to become a full-time NHL goaltender, and that mattered in a big way as Calgary came within one point of the playoffs in 2024-25.
Letter Grade: A
Conroy also kept following a familiar script with Andrew Mangiapane. The Flames were moving younger, and Mangiapane, as a pending UFA, was not part of that direction. Calgary sent the winger to Washington and brought back a 2025 second round pick, which became Theo Stockselius.
For a small winger coming off a 14-goal season, that was a strong return. It was another clean example of Conroy getting value before a player walked for nothing. Mangiapane went on to post 28 points with the Capitals, then signed with the Oilers and was later traded to the Blackhawks after struggling in Edmonton.
Letter Grade: A
The last deal in this stretch was the one with Philadelphia: Andrei Kuzmenko, Jakob Pelletier, a 2025 second round pick, and a 2028 seventh round pick going out, with Joel Farabee and Morgan Frost coming back. It was, at the time, a trade built around two teams trying to solve different problems. Calgary wanted to get younger and add help to its forward group, while the Flyers needed cap space and fresh starts for players who had fallen out of favour with John Tortorella.
On paper, the Flames gave up a pending UFA in Kuzmenko, a prospect in Pelletier who had been passed by others in the organization, and two picks for two young forwards who had already shown they could produce, with 50- and 46-point seasons in their early 20s. The hope was that Farabee and Frost would lift the 2024-25 group. Instead, both struggled to drive offence, and that lack of production helped cost Calgary the extra point it needed to reach the playoffs.
They answered back in 2025-26. Frost led the Flames with 22 goals and tied for second on the team with 43 points.
Farabee scored 20 goals for the third time in his career, but the more striking development was his work in his own zone. He became one of the most trusted forwards in every situation.
Now the question is what comes next. Frost is a pending UFA, while Farabee still has two years left before he reaches free agency.
Both could be extended, both could be moved, and either path would make sense if the price is right. What matters is that they’ve rebuilt enough value that Calgary should be able to get more back than it gave up, which is why this one lands as a win for Conroy.
Letter Grade: B
In Other News...
Flames Trade Flexibility Comes With A Few Costly Limits
The Flames have worked hard to keep their options open, but roster flexibility in the NHL always comes with strings attached, and Calgary has plenty of them. The clubs veteran core and some of its newer additions all bring their own layers of trade protection, from full no-trade and no-movement language to more limited lists that still narrow the field if general manager Craig Conroy ever needs to make a move.
Jonathan Huberdeau sits at the center of that reality with a full no-movement clause for the life of his deal, while Mikael Backlunds protection eventually shifts into a modified no-trade arrangement in 2028. Elsewhere on the roster, Jacob Middleton and Yegor Sharangovich have their own trade lists, and Morgan Frost is set to enter the 2026-27 season with an eight-team no-trade list as a pending unrestricted free agent. Added to the future protections already set to kick in for Kevin Bahl, Dustin Wolf and Simon Nemec, it is a reminder that the Flames path to reshaping the roster may be narrower than it looks on paper. [Read more 🡒]
Oilers Trigger Fan Backlash With One Move Calgary Fans Will Notice
The Oilers latest roster move has landed far beyond the ice, and it is the kind of decision that naturally registers in Calgary, too, because anything that stirs up Edmonton also ripples across the Battle of Alberta. The club signed former Ottawa Senators forward Alex Formenton, and the reaction has been immediate, with some fans saying the move crossed a line and left them deeply disappointed.
Among the most vocal responses has come from prominent supporter Mary Loewen, while community leaders have also expressed their frustration with the signing. Oilers executive Tim Shipton has acknowledged the backlash and defended how the organization reached its decision, but the conversation has clearly moved well past a simple hockey transaction and into something the team will have to keep answering for. [Read more 🡒]
Flames Suddenly Face A Bigger Jonathan Huberdeau Concern Than Expected
Jonathan Huberdeaus offseason recovery has taken on more weight than the Flames likely expected when he underwent hip resurfacing surgery in the spring. General manager Craig Conroy said the veteran forward will open training camp on his own before eventually working back into team skates, a sign that Calgary is still managing the aftermath of the procedure that ended Huberdeaus previous season early.
The bigger concern is not just that Huberdeau is still rehabbing, but that his timeline is still being assessed as the club turns the page toward 2026-27. Calgary can live with a gradual ramp-up if it stays on schedule, but the uncertainty around his return adds another layer to a season already shaped by how quickly he can get back to full participation. [Read more 🡒]