I think the Flames trade Giordano (if he is the player they identify as leaving exposed). The forwards with value are all protected. Backlund is not going to get exposed - that would be foolish.
Giordano has strong value - leadership, performance, ability to play both special teams, and consistently still puts up good numbers. He is a welcome addition to basically any team's top 4. Plus, his contract is expiring.
I like Kylington, and I think the Flames should play him and give him a lot of rope, but it isn't going to happen here. Maybe it happens for Mackey now (and it better). Team is also going to re-sign Stone. I can't see Kylington getting much ice-time to develop here. I also don't think that teams are going to be lining up to give the Flames much of an offer. I don't think it will be a 2nd. He needs to pass through waivers, so a team will need to keep him up if they like him enough, and that's not a given. They may see Kylington as a good prospect that needs more development time, but they aren't going to spend assets to then turn around and expose him to waivers right away.
If Valimaki was eligible for the expansion draft, then it makes no sense to trade Giordano (or if the Flames had another higher-value defencemen). I just think the drop-off from Giordano to Kylington is a big one, and when you have a big drop off from your next protection slot, you should probably extract value.
Giordano is going to get less than market value, but the difference between what the Flames get for him minus the market value minus Kylington would probably still be a positive differential, thus worth it. It doesn't make sense to get less than market value for an equal asset and then lose the other equal asset for free - that's cutting off your toe to stop your hangnail.
It will be interesting to see what deals Seattle makes, however. It might be smart of them to use their cap space more than Vegas did. This is a flat-cap world that is still trying to find its' way out of the pandemic. Maybe it is a smart thing to leverage their cap space and take more bad contracts - I bet it is worth more this time around.
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