The Calgary Flames have put Connor Zary on NHL waivers, and that alone makes this one worth watching from Edmonton.
Zary was the 24th pick in the 2020 NHL Draft, and seeing a player taken in the first round land on waivers is the kind of move that turns heads. He’s 25 now, and the next step is simple enough: if a team wants him, it has to be ready to make the claim and sort out the cap picture that comes with it.
For the Oilers, that part is messy but not impossible. Edmonton currently has just $761,666 in cap space, but the math can work if Mattias Janmark and Frederik Andersen are moved to long-term injured reserve and Spencer Stastney is waived. PuckPedia also notes that Zary carries a $3.775 million cap hit and will become a restricted free agent after the 2027-28 season.
There’s also the waiver order itself to consider. It runs in reverse of last season’s standings, which puts the Oilers 19th in line.
Teams ahead of them include rebuilding clubs such as the Vancouver Canucks, Chicago Blackhawks, and San Jose Sharks, all of whom also have cap room. So even if Edmonton likes the fit, there’s no guarantee Zary gets that far.
If he does, the case for taking a shot is rooted in what he’s already shown. Through three NHL seasons, Zary has 39 goals and 86 points in 191 games.
His best season came in 2023-24, when he posted 14 goals and 34 points in 63 games. He was even more efficient the next year, scoring 13 goals and 27 points in 54 games as the Flames came up just short of the playoffs.
Last season was his least productive, with 12 goals and 25 points in a career-high 74 games. Even so, that’s still the profile of a useful middle-six forward, especially on a team that struggled as much as Calgary did.
The concern is the skating, and more specifically the knees. Zary’s early NHL value came from how dynamic he was on the ice, but two knee injuries in 2024-25 slowed that down.
The first came in early January 2025 after Drew Helleson went knee-on-knee with Zary, costing him 15 games. Then in late March 2025, his season ended when Dallas Stars forward Mikko Rantanen fell on his knee, one day after Rantanen concussed Stuart Skinner.
Before that first knee injury, Zary was tracking toward a 20-goal, 46-point pace over 84 games. Since returning, that production has dropped to a 14-goal, 28-point pace over 84 games.
Some of that dip can be tied to the Flames themselves. Calgary’s 96 points in 2024-25 were tied for the most ever by a non-playoff team, and they missed the 2025 postseason on a tiebreaker.
The year before, they finished with 77 points, tied for the third-fewest in the NHL. Still, the knee issues are hard to ignore.
That’s what makes Zary a classic reclamation swing. Edmonton has already pulled this off before with Vasily Podkolzin, who had a strong rookie year in 2021-22, then struggled for two seasons with the Vancouver Canucks before being traded in the 2024 off-season and finding new life with the Oilers.
So if Zary reaches them on waivers, Edmonton has a real decision to make. The upside is clear enough: a former first-rounder with middle-six production. The risk is just as obvious: a player whose game has been interrupted by serious knee injuries.
In Other News...
Hurricanes Enter Connor Hellebuyck Talk With One Big Timing Question
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What makes the discussion interesting is the standard Hellebuyck appears to be using. He is open to San Jose despite the uncertainty around that roster, but his bigger aim is to end up with a team he believes can win the Stanley Cup within the next three years. For Edmonton, that creates a clear but unresolved question: whether the organization can present the kind of immediate contender profile that would make a goalie of Hellebuycks stature view it as the right destination. [Read more 🡒]
Red Wings Suddenly Face Real Risk With Simon Edvinsson
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For Edmonton, the ripple effect is less direct but still relevant. The Oilers are weighing ways to add forward depth, and that kind of search can quickly pull other teams into the discussion as front offices look for pieces that fit their needs. Around the league, there is plenty of movement and speculation already, from the Red Wings' uncertainty on the blue line to other clubs testing trade ideas, which is the kind of backdrop that can turn a quiet stretch into a much busier one. [Read more 🡒]
Oilers Trade Focus Turns To One Roster Battle Up Front
As the Oilers sift through the early-season picture, the front offices attention has shifted toward a familiar roster question up front: whether to add another forward without paying too steep a price. Edmonton has been linked to the idea of moving a depth defenseman to address the forward group, a type of deal that usually only makes sense if the organization believes it can protect its blue line while improving its scoring depth.
The timing is part of what makes the discussion more interesting. Edmonton is still waiting on key reinforcements at forward, which should ease some of the pressure to act immediately, but the market chatter keeps circling back to which spare defensemen might be available in the right deal. Around the league, there has also been some loose speculation tying several trade requests to USA Olympic roster overlap, though the stronger read is that each situation stands on its own rather than forming some broader trend. [Read more 🡒]