While I definitely sympathize with Luongo and have been a huge fan of his for years, he's hardly blameless in all this. You can't sign a 12 year contract and then ask for a trade to a single team that's not interested in you a year and a half into the deal and expect everything to go smoothly. The entire season could've easily been lost to a lockout and when the new CBA was agreed upon Luongo openly admitted that he might have to spend the shortened season in Vancouver. 12 more games and the playoffs as a backup is hardly the end of the world.
I expect this will all be handled around the draft and the Canucks will get nothing of consequence (expect perhaps a bad contract) in return.
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