Jacob Markstrom trade grade: Who landed the better deal between Devils and Flames?

Netminder Jacob Markstrom has been traded to the New Jersey Devils, NHL.com reports. The deal ends weeks of speculation regarding which teams would land the 34-year-old netminder. The deal was surprising given the underwhelming return Calgary got for a true No. 1 goaltender.

Over the last few weeks, speculation revolved around Calgary's high asking price for Markstrom. Rumors suggested the Flames wanted a first-round pick in addition to multiple pieces. In all, most analysts expected three to four pieces heading to Calgary.

Nevertheless, the price to get Jacob Markstrom wasn’t as high as most analysts believed. The Devils gave up their 2025 first-round pick and defenseman Kevin Bahl. The return seems underwhelming, considering the reported number of teams interested in the former Flames goaltender.

The first-round pick is top-10 protected. In other words, if the Devils’ first-round pick falls within the first 10 next season, the Flames would receive the Devils’ 2026 first-round selection.

As for Bahl, he was a second-round pick by the Arizona Coyotes in 2018. The 24-yeard-ol suited up in all 82 contests for New Jersey last season, registering 11 points. Bahl is still very much a young NHLer with a total of 148 regular-season games under his belt and eleven playoff contests.

On the whole, it seems the biggest benefit that Calgary gets out of this deal is that it will relieve itself of Jacob Markstrom’s $6 million cap hit for the next two seasons. He’s set to become a UFA in 2026 at the age of 36. With that in mind, Markstrom did not seem to fit in Calgary’s long-term plans.

An underwhelming return for Jacob Markstrom

On the surface, it appears the Flames got fleeced in this deal. While giving up a first-round pick is never easy, the pick could come in the latter portion of the first round if New Jersey has a good season. Additionally, giving up an apparent depth defenseman seems worth the price.

However, the Flames are seemingly high on Bahl. Flames GM Kevin Conroy had this to say about Bahl, as quoted by NHL.com:

“For quite some time, we had identified Kevin Bahl as a priority player. He is a strong defender with size who plays an assertive game with tremendous presence. While his 6’6", 230-pound frame is an imposing asset, he uses his body intelligently, has good mobility, and makes smart puck decisions. Kevin fits our identity, and we are excited to acquire him now as he can continue to grow with our group.”

Perhaps Conroy sees something in Bahl that makes giving up Jacob Markstrom worth it. But unless Bahl becomes a full-time contributor on the Flames’ blue line, Bahl could be nothing more than a throw-in in the deal.

Overall, the initial balance of this trade seems to point toward Calgary getting an underwhelming return. If Jacob Markstrom struggles in New Jersey and Bahl turns into a solid top-four defenseman, the verdict would be that the Flames took a massive loss in this trade.

This deal gets a C+ just because the Flames got the first-round pick they wanted.