What happened: The Calgary Flames have acquired right-shot defenceman Simon Nemec and winger Maxim Tsyplakov from the New Jersey Devils in a multi-piece summer trade. New Jersey's return is headlined by a conditional 2027 first-round pick (via Vegas), a conditional 2028 first-round pick originally belonging to Colorado, a 2026 second-round pick (via the Rangers), and defenceman Etienne Morin. Both first-rounders are top-10 protected, capping Calgary's downside.

Why it matters: The deal lands Calgary two young, NHL-established players in one move, with Nemec the centerpiece as a former second-overall pick still adding offense from the blue line. It also marks the latest stop for the 2028 first-rounder Colorado originally surrendered in the Nazem Kadri trade, underscoring how far that pick has traveled. For New Jersey, banking multiple protected firsts and a second resets the cost ledger after dealing two rotation pieces.

What to watch: Watch whether the conditions on the 2027 and 2028 first-rounders convey as Calgary integrates Nemec into its top four. Colorado's continued effort to recoup draft capital is also worth tracking into the offseason.