Navigating the salary cap is one of the most important tasks for a front office. Teams that can avoid total cap chaos by walking the tightrope of inking players to deals that match their value (or compensate for future value without breaking the bank) remain successful.
Those who don’t often see struggles and front office changes.
As we do each year, PHR will look at every NHL team and give a thorough look at their cap situation for the 2026-27 season, though in a slightly different format than before. This will focus more on players who are regulars on the roster versus those who may find themselves shuttling between the AHL and NHL.
All cap figures are courtesy of PuckPedia. We’re currently covering the Pacific Division, next up are the Flames.
Current Cap Charge: $89,116,666
Cap Space: $14,883,334
Potential Bonuses: $1.5MM (around half could be reached)
Dead Cap: $3.85MM ($2.4MM retention for Blake Coleman, $1.4MM retention for Nazem Kadri)
Still To Sign: F Brennan Othmann
Othmann was acquired last season but didn’t see much action with his new team, only suiting up twice. He’s eligible for waivers this year and could hang around at the end of a 23-man roster.
Given those expectations, his deal should check in at the minimum salary with the only issue being how much in a two-way agreement is guaranteed money.
Expiring Contracts (RFA): F Adam Klapka ($1.25MM), D Yan Kuznetsov ($812,500)
Klapka played his first full NHL season in 2025-26, providing plenty of physicality while chipping in with 18 points in a fourth-line role. A similar showing coupled with arbitration rights could land him a short-term deal around double his current price tag.
Kuznetsov is an under-the-radar blueliner to keep tabs on. He surprisingly cleared waivers last fall but after just 10 games with the Wranglers, he was back with the Flames for good, taking on big minutes fairly quickly in a top-four role.
He’ll need to play in 22 games to retain his RFA rights which he should do, barring injury. If he remains in a top-four role, he could push past $4MM on a short-term deal, perhaps approaching $6MM on a longer-term pact that buys out several UFA years.
Expiring Contracts (UFA): F Morgan Frost ($4.375MM), D Joel Hanley ($1.75MM), D Brayden Pachal ($1.187,500), F Ryan Strome ($5MM), F Maxim Tsyplakov ($2.25MM)
Strome was acquired effectively as an early cap-clearing move at the trade deadline from Anaheim, giving him a fresh start. While last year was one to forget, he had six straight seasons of 40-plus points before 2025-26.
If given a prominent role, Strome could get back to that level and land something around this price point. If he remains in more of a depth role, then his AAV could fall to somewhere starting with a three.
Frost is an intriguing pending UFA. He didn’t take a big jump forward offensively in his first full season with Calgary but he has three seasons of 40-plus points under his belt and will hit the open market at 28.
Given the demand for centers, he could creep up toward the $6MM mark on his next deal. Tsyplakov had an impressive rookie year in 2024-25 to earn this contract, then had a disastrous season that saw him traded and waived.
Moved to Calgary this summer, he’ll look to rebound. If he doesn’t, he could very well be back in the KHL next season.
Hanley has been a depth defender for several years now and is coming off a career high in games played, helping to earn this deal. He’ll be 36 on his next deal and seems likely to go year-to-year given his role.
It wouldn’t be surprising to see his price tag come down, assuming his games played total dips this season. Pachal is in a similar boat, fighting for regular ice time on a team that is trying to integrate some younger pieces.
If he stays in the reserve role he had last season, it’s hard to forecast him receiving any sort of meaningful raise.
Projected Upper Limit: $113.5MM
Current Cap Charge: $70,041,666 (16 players signed)
Cap Space: $43,458,334
Potential Bonuses: $1.5MM (around half could be reached)
Dead Cap: $1.4MM (Kadri retention)
Frost and Kuznetsov are the headliners from Calgary’s free agent class. They’ll easily have the money to re-sign them and still have more than ample space to add other pieces if GM Craig Conroy wants to flip the switch on the rebuild.
If not, they’re likely to hover closer to the salary floor.
Expiring Contracts (RFA): F Matvei Gridin ($953,750), F Samuel Honzek ($909,166 + $500K in ‘A’ bonuses), D Zayne Parekh ($953,750 + $1MM in ‘A’ bonuses), F Connor Zary ($3.775MM)
The Flames and Zary opted for a bridge deal last summer and he responded with his lowest point total yet. Still, there’s room for optimism that he’ll bounce back and be a capable second liner.
If so, he could push past $6MM on his next deal. If not, he probably would be looking at only a small raise.
Gridin impressed in a half-season of work last year. The 2024 first-rounder should be a full-timer in 2026-27 and could push for top-six playing time fairly quickly.
If that happens, he could be a candidate to skip the bridge pact and sign long-term with what would be a hefty price tag if all went well. If he has more of a path like Zary though, then the bridge pact would probably fall in the $4MM range.
Honzek has a chance to establish himself as a full-timer this year as well but right now, he projects as more of a bottom-six piece. That makes his bonuses unlikely to be reached while he profiles as a bridge candidate contract-wise.
Unless the offense comes around, he won’t be able to reach where Zary is on his current pact.
Parekh was slow-played last year, to put it lightly, to make sure he didn’t accrue a year toward UFA eligibility. He has a lot of offensive upside which gives him a chance to get his price tag up quickly, if he produces.
Contracts given to Brandt Clarke and Pavel Mintyukov (more than $7MM for five years) stand out as potential comparables if things go well. Meanwhile, he has a chance of hitting at least some of his offensive bonuses, depending on his place on the depth chart and power play.
Expiring Contracts (UFA): F Mikael Backlund ($3.25MM), G Devin Cooley ($1.35MM), F Joel Farabee ($5MM), D Zach Whitecloud ($2.75MM)
Farabee bounced back last season, giving the Flames reasonable second-line production at a price tag that’s reasonable for that role. Getting back to 50 points might be tricky but if he can stay at the 20-goal mark, he has a chance to stay around this price point.
However, his output is also in the range where he could be squeezed out as has happened to several free agent wingers this summer. Backlund’s new deal looks like a bargain relative to market value.
Yes, he’s 37 which played a role in that price tag but there’s no reason to think he can’t be a third-line center over the course of this contract. He clearly wants to stay in Calgary and another short-term pact around this price point could be doable.
Whitecloud is someone to keep an eye on. More of a third-pairing player with Vegas, his role changed considerably after being acquired as part of the Rasmus Andersson trade; he averaged more than 20 minutes per game down the stretch.
If that continues to be how he’s deployed, as a top-four, right-shot defenseman, he could be a candidate to draw considerable interest in free agency. He’d be 31 at the time and players with that profile don’t hit the open market too often.
A max-term contract (seven years if he re-signs, six otherwise) could be doable at more than double his current price tag. If the Flames wind up moving him to a team that deploys him like Vegas did, however, his value would take a hit.
His case is one to monitor as a result.
Cooley got his first shot at a full-time backup job and made the most of it, earning a quick extension that already looks on the team-friendly side. If he has two more years like last season’s performance, he should more than double this price tag in free agency, even if he remains simply a regular backup goaltender.
Forecasted Upper Limit: $123MM
Current Cap Charge: $51.1MM (8 players signed)
Potential Bonuses: None
Dead Cap: $1.4MM (Kadri retention)
There could be some pricey contracts from the 2028 class, with Gridin and Parekh being candidates to skip bridge deals while Zary should get a boost as well. Meanwhile, Whitecloud could be eyeing a significant boost of his own.
However, given Calgary’s cap space, they will have plenty of room to accommodate these.
Expiring Contracts (RFA): None
Expiring Contracts (UFA): D Jacob Middleton ($4.35MM), F Martin Pospisil ($2.5MM)
Pospisil had a rough year last season while dealing with injuries but had at least 24 points and 238 hits in each of the two previous campaigns. If he can stay healthy and get back to those levels, he could approach the $4MM mark given some of the comparables we saw this summer.
Middleton comes over from Minnesota in the Blake Coleman trade and it will be interesting to see if he has the same role increase as Whitecloud. He was more of a third-pairing piece last year but had been a top-four option for a few years before that.
If he gets back there, he could approach $6MM or so on his next deal. If he’s used more like he was last season on the third pair, however, then he might just be looking at a small bump from this.
Forecasted Upper Limit: $133.5MM (8.5% increase)
Current Cap Charge: $42.85MM (6 players signed)
Potential Bonuses: None
With a fairly small free agent class, Conroy can afford to keep both players and put most of the projected cap increase toward upgrading his roster as by this point, they should be back to trying to push for a playoff spot.
Expiring Contracts (RFA): None
Expiring Contracts (UFA): F Yegor Sharangovich ($5.75MM)
Sharangovich had a great first year in Calgary in 2023-24 to earn this contract but has struggled since then. He bounced around their lineup and has produced more like a third liner at a price tag well above that.
The rising cap should help the negative value standpoint but if the Flames are closer to the cap ceiling by then, this contract could be a problem for them. He has a long way to go to rebound enough to earn this type of money on his next deal.
Signed For 2030-31 And Beyond
For that season, there will be a new CBA in place so trying to forecast the cap and cap space basically becomes a guessing game. Accordingly, we’ll go back to the old Deep Dive format for players signed beyond the 2030-31 campaign.
At this point, Sharangovich shouldn’t feel like a huge priority to worry about so Calgary should have extra wiggle room to work with cap-wise at this time.
D Kevin Bahl ($5.35MM through 2030-31)
F Matthew Coronato ($6.5MM through 2031-32)
F Jonathan Huberdeau ($10.5MM through 2030-31)
D Simon Nemec ($7.25MM through 2030-31)
G Dustin Wolf ($7.5MM through 2032-33)
Huberdeau was supposed to be a top-line player for Calgary to help replace Matthew Tkachuk but that hasn’t happened. He has been more of a second liner and is coming off an injury-riddled campaign.
He’ll be 38 when this deal is up and it wouldn’t be shocking if there wasn’t another contract. Otherwise, he’ll be going year-to-year at a much lower price tag.
Coronato skipped the bridge deal to get this agreement. He actually led the team in scoring last season, albeit with just 45 points, effectively second-line production.
As this deal ages, this price tag will be more appropriate for someone in that role, even if his production stays at this level. If it improves, he could check in closer to $10MM on his next pact, especially since he’ll only be 29 at that time.
Nemec got the change of scenery he was hoping for to try to prove that he can be a top-pairing player. If he can do so with the Flames, this will be a nice bargain and he’ll be eyeing a double-digit AAV on his next deal.
If he’s more of a second-pairing piece, the increase may be much more incremental. Bahl has logged some hard minutes over his two seasons in Calgary.
He won’t produce much offensively to push his price tag toward Nemec’s territory, for example, but as a steadying second-pairing piece, he could land an extra million or two on his next contract.
Smaller goalies don’t often get the runway that taller ones do but Wolf has shown himself to be a legitimate starting netminder, capable of stealing games. That last bit may not be ideal in a rebuild but it bodes well for the future.
If Wolf stays on his current trajectory, he’ll be looking at a double-digit AAV on his next contract, making him one of the top-paid netminders in the league.
The salary cap shouldn’t be an issue for the Flames anytime soon. They have more than ample space in the short term, giving them lots of flexibility to re-sign their current players.
Eventually, when they emerge from their rebuild, they should have plenty of room to add veteran pieces to supplement their current group.
Photo courtesy of Sergei Belski-Imagn Images via Reuters Connect.