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Last night’s trade between the Calgary Flames and Florida Panthers involving Matthew Tkachuk and Jonathan Huberdeau will likely go down as one of the biggest blockbuster deals in the NHL’s history. For only the second time in NHL history, two players who were 100-point scorers the previous season were traded for one another, with the other trade involving The Great One himself – Wayne Gretzky (link). To underscore that, in this four-player deal, MacKenzie Weegar, who received Norris votes in each of the last two seasons and has established himself as a true top-pairing defenseman, was most likely only the third best player involved.

In the trade, the Panthers were able to acquire a 24-year-old superstar winger, one who scored 42 goals as part of a 104-point campaign this past season, crushing previous career-bests, as well as a conditional fourth-round pick in 2025 (0r 2026). On top of simply acquiring Tkachuk, Florida was able to ensure the player came signed long-term, as the teams worked out a sign-and-trade with the forward, who agreed to an eight-year, $76MM contract with the Flames immediately prior to the trade. That extension, likely helped by Calgary’s ability to give Tkachuk the eighth-year that no other team had, not only boosted Tkachuk’s value in the trade, but was likely a sticking point for any interested team, protecting them from the threat of the young star testing the free agent market next summer.

As interesting as an MVP-caliber-player for MVP-caliber-player trade is, this one is made all the more intriguing by considering that Huberdeau is arguably the better player as against Tkachuk, but it was Huberdeau that was sent along with Weegar, prospect Cole Schwindt, and a first-round pick for Tkachuk and a fourth-round pick. In Huberdeau, Calgary receives a superstar playmaker who has averaged over a point-per-game since 2018-19, including an incredible 115 point 2021-22. Not necessarily seen as the superstar-caliber player that the other two are, Weegar has quietly emerged as one of the league’s best defensemen, combining excellent puck-moving with superb shutdown defense.

The caveat in this deal, that makes it feel a bit more even, is the fact that both Huberdeau and Weegar will be UFA’s next summer, not coming with extensions in place like Tkachuk, meaning Calgary, unlike Florida, is at risk to lose their players rather soon. Even if Florida decided to hang on to both players and try to extend them, Huberdeau currently carries just a $5.9MM cap hit and Weegar just $3.25MM; an extension of either would carry a very significant raise, perhaps double each salary. Tkachuck’s extension, on the other hand, comes in at just $250K more per season than their current AAV’s combined.

Not to be forgotten in the deal is Schwindt, a 2019 third-round pick of the Panthers. The forward was a star for the Mississauga Steelheads of the OHL before turning pro. As a member of the AHL’s Charlotte Checkers this season, Schwindt had 40 points in 71 games, and was even able to make his NHL debut, skating in three games for Florida. As far as the draft picks in this trade go, the 2025 first-round pick headed to Calgary is lottery protected, and if those conditions apply, their 2026 first-round pick will be sent instead. The fourth-round pick headed to Florida hinges on that condition as well. Simply, if Florida’s 2025 first is not protected, it will be sent to Calgary and Calgary’s 2025 fourth is sent back. If Florida’s 2025 first is protected, they will send their 2026 first instead and Calgary will send their 2026 fourth back instead.

So, for the readers, in these early stages, who seems to be the winner of this trade?  Will it be Florida with their guaranteed reward of eight years of Matthew Tkachuk and a fourth-round pick? Or will it be Calgary, who received two stars that have every right to walk away after next season, as well as a first-round pick and a prospect? Of course, there are plenty of factors that can affect how the deal is viewed long-term, but for right now, we ask you, who came out on top? We encourage you to vote and continue the debate with your friends and family as well.

Full Trade:

Calgary Receives: Huberdeau, Weegar, Schwindt, 2025 lottery-protected first-round pick (or unprotected 2026 first-round pick)

Florida Receives: Tkachuk, 2025 or 2026 fourth-round pick

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