I think Gio will 100% be left unprotected, and I would really like to see the Flames look into trading Gio before the expansion draft rather than letting Seattle trade Gio as Friedman suggests. Why let Seattle gain extra picks and prospects when the Flames can trade Giordano out of division and strengthen their own organization? I'm not saying the Flames must trade Gio because I'm sure there are like 2 teams that could actually protect Gio, have the cap space and want to spend the money. But I'm just saying I think the Flames should give it a try, and the Flames may have already done so.
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