The Calgary Flames missed the 2025 Stanley Cup Playoffs by a whisker, losing the final wildcard spot to the St. Louis Blues on a tiebreaker. Now, they look to make the postseason in 2026.

There is a Flames' dream scenario that involves them adding the best free agents on the market. The Flames' nightmare scenario in NHL free agency could lead to a crash and burn, forcing them to enter rebuilding mode next season.

The Flames have 26.8 million in cap space and have the means to sign some NHL free agents who can make an impact. Notably, there is a chance they will become aggressive and improve their team through NHL free agency. However, what they do and who they sign is critical. The Flames cannot afford to make mistakes this offseason.

There may be hope for a better future in Calgary. Yet, there are also some possibilities that everything could go wrong, and the Flames could see their hopes extinguished.

Flames don't extend Dustin Wolf

Calgary Flames goaltender Dustin Wolf (32) goes to put on his mask before a game against the Toronto Maple Leafs at Scotiabank Arena.
John E. Sokolowski-USA TODAY Sports

The Flames extended Dustin Wolf last offseason before he could become an NHL free agent. Now, they are in a strange position, with one year left on his contract. It is strange because Wolf just had an exceptional season, going 29-16-8 with a 2.64 goals-against average and a save percentage of .910.

Wolf was sensational all season, including recording his first career shutout. Ultimately, he carried the Flames on his back often, especially in the backdrop of a struggling offense. Wolf was one of the main reasons why Calgary stayed alive in the playoff race. While they don't need to re-sign him this offseason, it would be wiser to do it now than later.

There is always a chance that Wolf has an even better season. If that happens, his value will skyrocket, and it will make it significantly harder to re-sign him, especially if he hits NHL free agency next offseason.

Flames don't extend Rasmus Andersson

Another of the future Flames free agents is Rasmus Andersson. Like Wolf, he becomes a free agent next offseason. Andersson is one of three defensemen who will possibly enter the NHL free-agency period next offseason.

Andersson took a step back offensively in 2024-2025, scoring 11 goals and adding 20 assists after delivering nine tallies and 30 helpers the previous season.

While there is a temptation to send him away, the Flames absolutely must not trade Andersson this offseason. Instead, Calgary should find a way to give him a small extension. If history has proven anything, it's that Andersson will bounce back.

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It was just two seasons ago that he had 49 points (2022-2023) and 50 (2021-2022). Significantly, he has demonstrated his ability to be a productive player on offense. Yes, his defense suffered last season, but it was not that long ago that he was efficient. The Flames should keep him or else risk losing one of their veteran blue-liners who has shown he is capable.

Flames cannot improve the penalty kill in NHL free agency

The penalty kill was atrocious last season, ranking 25th. Sadly, they just could not stop anyone on the penalty kill, and that included division rivals like the Edmonton Oilers. Calgary should consider NHL free agents who can be effective on the penalty kill.

The Flames must find someone who can be good on the penalty kill. Someone like Joel Armia or even Brad Marchand, who is currently playing for the Florida Panthers in the Stanley Cup Final.

Suppose the Flames cannot find any NHL free agents who can help them on the penalty kill. In that case, they will continue to struggle against Connor McDavid, Leon Draisaitl, Jack Eichel, and other notorious power-play kings in the Pacific Division.

Flames don't snag any goal scorers in NHL free agency

The Flames must utilize their cap space efficiently. Alarmingly, they struggled to score often this season, ranking 29th in goals and 31st in shooting percentage.

The Flames would be smart to pounce on a goal scorer. Whether it's a top-tier free agent like Mitchell Marner or a veteran sniper like Patrick Kane, the Flames must be aggressive in their pursuit of goal scoring.

Nazem Kadri led the team with 35 goals, while Jonathan Huberdeau was second with 32. However, no other player scored more than 17 goals. The Flames need more, and they cannot afford to fall behind in this aspect.

If the Flames cannot find a reliable goal scorer, they risk falling even further behind. Currently, they are a midtier team that just missed out on the Stanley Cup Playoffs. If they don't improve their scoring, they could see themselves fall further down in the standings. It would be a nightmare that could hinder their success and development for the next few seasons.