The Flames have actually done a decent job with draft picks outside of the 1st round. The problem has been getting those elite players in the top 5 or top 3.
For a smaller market Canadian team like the Flames, probably the most important part is getting those top draft picks. Luring impactful free agents is always going to be a challenge and the NHL has hobbled the ability to make trades by letting NMCs/NTCs get out of hand. It also doesn't help when you can nail a pick in a later round like Adam Fox but have no team control over what happens after you draft him.
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"A pessimist thinks things can't get any worse. An optimist knows they can."
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