I am not sure why people are so hung up on the cap relief portion of his situation. The Flames haven't need to exceed the cap yet and there is no advantage to doing so until it is needed. He goes LTIR the day the space is needed in my opinion.
When a player is on LTIR, a team may exceed the salary cap. Despite the common misconception, LTIR does not remove a Cap Hit from a team’s overall Cap Hit, it just potentially allows the team to exceed the salary cap.
While on LTIR, Cap Space is no longer accrued, meaning any portion of the LTIR pool not used cannot be used later.
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