Just this season, we saw the Calgary Flames lose defenceman Ilya Solovyov to the Colorado Avalanche on waivers. The Flames’ 2020 seventh-round pick suited up for more games as an Avalanche this year than he did as a Flame over five years.
Just a few days ago, the Avalanche flipped him to the Pittsburgh Penguins for a couple of assets. While the return was nothing incredible, it caught my attention. I had to ask myself, are the Flames developing a habit of losing players for free, for whom they could receive an asset? Let’s take a look, starting with the earliest!
Note: I only looked at the last five years and did not consider players who were lost to free agency.
Sean Monahan – traded for future considerations
Sean Monahan. The Flames’ 2013 first-round pick, sixth overall. Three-time 30-goal scorer. Career-high 82 points in 2018–19. Fan favourite. Given away for nothing. On August 18, 2022, the Flames traded Monahan and a conditional 2025 first-round pick to the Montreal Canadiens for future considerations. The Canadiens packaged that pick—16th overall—with their own—17th overall—to acquire top defenceman Noah Dobson from the New York Islanders.
Monahan was notably dealing with injuries during his time in Calgary. However, after surgery and healing, he bounced back for the Canadiens. He scored 13 goals and 35 points in 49 games in 2023–24. The Canadiens capitalized on his resurgence, trading him to the Winnipeg Jets at the trade deadline that year for a 2024 first-rounder and a conditional 2027 third-round pick.
The Canadiens packaged the 2024 first-rounder to trade up with the Los Angeles Kings and selected Michael Hage 21st overall. That’s looking like a slam-dunk right about now. On the other hand, the Kings ended up with Liam Greentree 26th overall. The condition on the third-rounder was not met—Jets win 2024 Stanley Cup—and the Jets retained that pick.
It’s incredibly painful to see how much trading Monahan away has benefited other organizations.
Juuso Valimaki – lost on waivers
This was a tough one. The Flames drafted Juuso Valimaki in the first round of the 2017 NHL Draft. He was reportedly a big reason the Flames failed to acquire star forward Mark Stone at the 2019 trade deadline. Fast forward a couple of years. The Flames waived the then-24-year-old on October 8, 2022, and he was claimed by the Arizona Coyotes.
Valimaki played parts of four seasons with the Coyotes/Utah Hockey Club/Utah Mammoth, recording a career-high four goals and 34 points in 2022–23. On January 5, 2026, the Mammoth traded him to the Carolina Hurricanes for future considerations. So, while the Mammoth have not received any assets for Valimaki, it’s clear that there’s enough interest in the blueliner around the league. It’s tough to imagine the Flames could not get something for a 24-year-old former first-round pick.
Ilya Solovyov – lost on waivers
The Flames waived defenceman Ilya Solovyov on October 2, 2025. He was claimed by the NHL-leading Avalanche. Solovyov suited up in 16 games for the Avalanche afterward. It’s interesting that a Stanley Cup-contending team can find a roster spot for the blueliner, but a basement-dwelling Flames team cannot. Solovyov played 15 games as a Flame: 10 in 2023–24, and five in 2024–25.
The 25-year-old Solovyov scored his first NHL goal this year and picked up three points in 16 games for the Avalanche. On January 20, 2026, the Avalanche flipped him to the Penguins for Valtteri Puustinen. While this is not a sexy return by any means, the Avalanche effectively added assets for free.
This seems like a move the Flames could have pulled off. They would add some scoring punch to the Calgary Wranglers, who have struggled a bit to find the back of the net this year. They would also get an extra ticket at the 2026 NHL Draft. Remember, Dustin Wolf was a seventh-round pick!
Other assets lost on waivers
I also noted a couple of other fringe NHLers whom the Flames lost on waivers:
- The Flames placed Cole Schwindt—one piece of the Matthew Tkachuk trade—on waivers on October 6, 2024. The Vegas Golden Knights claimed him, but later lost him on waivers to the Florida Panthers on October 3, 2025.
- The Flames placed Walker Duehr on waivers on January 21, 2025, and he was claimed by the San Jose Sharks. After finishing out the year in the Sharks organization, the Jets signed him to a one-year deal on July 2, 2025.
Much like with Valimaki, it’s the interest from other teams around the league that makes me think the Flames could have gotten something. Late round picks are a shot in the dark, and it doesn’t hurt to have a few of those. In addition to Wolf (2019), we have seen organizations find value in the seventh round in the forms of Matt Roy (2015), Steven Lorentz (2015), Joey Daccord (2015), Vincent Desharnais (2016), and Emmitt Finnie (2023).
It seems like the Flames are becoming too indifferent to losing players on waivers. They should be finding ways to maximize returns, even if the return seems small. You never know what that seemingly low-value asset could develop into!
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