The Calgary Flames have re-signed one of their best young players to a new deal.

Yegor Sharangovich put pen to paper on a five-year contract worth $28.75 million after his breakout 2023-24 season. Via Chris Johnston:

“Yegor Sharangovich signs a five-year extension with the Flames carrying a $5.75M AAV.”

The Belarusian came over to Calgary in a trade with the New Jersey Devils last June and put up career-high numbers across the board. Sharangovich scored 31 goals and supplied 28 assists in 82 games for the Flames. He's a key piece for their future.

Sharangovich was a fifth-round pick by the Devils back in 2018 but didn't find his footing in the NHL until the 2021-22 campaign, scoring 24 and assisting 22 goals. He will make $3.1 million next season but after that, he'll see a bump in pay, making nearly $5 million AAV in the next four years.

Sharangovich was an important player for the Flames both on the power play and the penalty kill last season. With a bigger opportunity in Calgary, he's taken advantage.

What will the Flames do this offseason?

Kicking off free agency by re-signing Sharangovich was a great move. After a disappointing 23-24 season where Calgary missed the playoffs, they will be looking to strengthen the roster in the coming months.

NHL insider Frank Seravalli hinted at what type of transactions the Flames could make:

“I was certainly surprised to hear this when Craig Conroy said it, but he’s excited and looking forward to free agency,” Seravalli said, via Flames Nation. “I think we would all be sitting back and saying retooling, rebuilding, whatever R-word you want to use for the Calgary Flames, spending money in free agency isn’t typically one of those avenues you see teams take. They’re not going to be big game hunting in free agency this summer, but I think they’re going to be all over a bunch of mid-tier guys to try and keep this team as competitive as they possibly can.”

“They’re not going to be tanking, that part isn’t really a surprise,” Seravalli said. “I think they needed to turn things over to the young guys. But when you’ve got 18 or 19 million bucks to spend, and you can have a couple of guys come in on two, three, or four-year contracts that can prop you up in between, that seems like that’s the target the Flames want to go for.”

In other words, some additions may be coming in, but don't expect any big names due to the Flames' lack of cap space. Calgary finished last season with a 38-39-5 record, landing them in fifth place in the Pacific Division.

Calgary also signed defenceman Jake Bean on Monday, a Calgary native who played for the Hitmen in the WHL. He's spent the last three seasons with the Columbus Blue Jackets. Anthony Mantha and Ryan Lomberg are joining the Flames, too.