Per War-On-Ice, of the 30 goalies who have played 4,500 minutes of 5-on-5 since the start of the 2013-14 season, Jimmy Howard ranks:
22/30 in high danger save %
17/30 in adjusted save %
17/30 in unadjusted save %
If you narrow it down further, to the start of last season, he ranks in the high-to-mid 20s in all 3 categories. Given his game collapsed after the lockout season and has been getting slowly worse, I don't think he's worth the risk. He's basically a more expensive Hiller/Ramo with longer term, and is in danger of dropping further. Really the Flames should have been in on Greiss or Neuvirth as an affordable stop-gap last off season, but that was missed. Now they are in a tough position with no clear options in free agency. Elliott since 2013 ranks? 15, 13, 9, respectively (2014: 15/9/11). I think if you're set on one of the two, he's the one. He is streaky, though.
As for Russell, it's been argued a ton already but the bottom line is while he is an elite shot-blocker, which saves a few goals a season compared to shot-avoiding (new term!) defencemen, he can't defend at an NHL level well enough to overcome that, in a top-four role at least. He has arguably the worst gap control in the National, and has a horrible first pass despite his mobility. To be honest, I'm not even sure I bring him back for $1M as a 6th/7th defenceman and for his alleged intangibles, which obviously isn't agreeable to him. $10-11M over 3 years is, in my opinion, a colossal mistake and over payment. I was surprised to read your direction there. Let a different team over value his shot-blocking ability relative to his all-round game, especially given his apparent popularity as a trade target.
Hero Chart:
I definitely agree on Hudler, unless he really wants to stick around on a sweetheart deal.
Ramo, Raymond, Engelland, Smid, Bollig, also. They should flipped for any asset possible, although that seems unlikely. (Hey, Berra fetched a 2nd somehow, right?)
I like Jooris as a utility guy who can competently play any of the bottom six positions, has good work ethic, and has surprisingly good underlying numbers.
Colborne on the other hand should be dangled in front of an old school GM obsessed with size, IMO. At this point I see him as a poor man's post-lockout Michal Handzus. If you can get a Berra-esque over payment, why not.