If the Flames do a cap dump type trade, I would prefer Semin over Richards for a couple reasons. Term remaining on the contract is the biggest reason. The Richards deal is just too long. There's also the fact that the Flames and Kings are fighting for the same playoff spot and the Flames shouldn't do anything that helps the Kings. And the last reason, is organizational "need" (I use this term loosely). Sure, Semin is pretty much useless at this point, but at least he plays a position that the Flames are really weak at, and he's more likely to rediscover his game than Richards is. The Flames surprisingly have solid centre depth, and Richards would just be in the way.
You could say the Semin contract would be easier to swallow.