Everyone is questioning where the Flames go from here.
Feaster, at the moment, is not looking to rebuild. However, if it becomes clear that a rebuild is the best path for the Flames to take, Iginla would likely make himself available for trade.
That being said, I imagine Iginla would only remove his NMC for a handful of teams and would most likely seek a trade with a Stanley Cup-contending team. This could possibly be the best thing for Iginla's career, and not just in the sense that he'd have a better chance of winning the ultimate prize; it could also improve his numbers.
The Flames' determination to acquire Olli Jokinen was driven by the fact that Iginla needed a first-line centreman to play with, and this experiment has obviously not worked out.
Sure, Iginla's game is also not where it used to be, but it's not hard to see what Iginla can accomplish when he has chemistry with linemates. This was best proven with Mike Cammalleri.
If Iginla can find a team where he'll be playing alongside elite players, he could potentially bring his game back up around where it used to be not that long ago.
As far as the Flames go, another potentially failed season to make the playoffs may leave them with no other options. The core (Robyn Regehr, Miikka Kiprusoff, Iginla) is only getting older. They all have a decently high cap hit, so the longer the Flames wait, the harder it will be to trade them.
If they're going to go the route of the rebuild, they have to do it ASAP and commit to it; try and make the process as painless as possible. The Flames are going to have to draft high if they want it to make a difference, especially given their drafting history. Trust me, don't look into it.
Speaking of decent scouting... hey, uh Detroit? Can we borrow something?