Winners and Losers from the Jacob Markstrom Trade to the Devils

The New Jersey Devils finally have their goalie.

After months of rumors and speculation, the Devils and Calgary Flames were finally able to come to an agreement on a Jacob Markstrom trade. Calgary is sending the veteran goalie to New Jersey in exchange for defenseman Kevin Bahl and a top-10-protected 2025 first-round draft pick.

It is one of the first major moves of the offseason, and if everything goes according to plan for the Devils, it could significantly alter the landscape of the Eastern Conference.

Let's take a look at some of the big winners and losers from the trade.

Winner: Devils Goaltending

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CALGARY, AB - APRIL 2: Jacob Markstrom #25 of the Calgary Flames in net against the Anaheim Ducks at Scotiabank Saddledome on April 2, 2024 in Calgary, Alberta, Canada. (Photo by Gerry Thomas/NHLI via Getty Images)

This type of move was long overdue for the Devils.

They went into the 2023-24 season as hopeful Stanley Cup contenders but had some major question marks in net as they set forward with Vitek Vanecek and Akira Schmid as their goalie duo. They did this despite having the type of salary-cap flexibility and trade assets that could have landed them a good starter.

It did not go well.

Vanecek and Schmid were one of the least productive goalie duos in the league and played a major role in the Devils being one of the most disappointing teams in the league. Injuries and coaching decisions were also a big factor, but when you are not getting saves, that is only going to add to the problems.

They did not work to make changes until the trade deadline when they decided to sell elsewhere on the roster and were out of the playoff race.

Markstrom does come with some question marks, as he will be 35 years old next season and over the past two years has started to show signs of slowing down, with save percentages of .892 and .905.

But here is the thing for the Devils: When they are fully healthy and playing like they are capable of, they do not necessarily need a goalie who can steal games for them. Even league-average goaltending (which Markstrom was this past season on a bad Calgary team) would make a huge difference for a Devils team that still did a decent job out-changing its opponents and carrying play during five-on-five play.

Even better for the Devils is they did not have to give up their No. 10 overall pick in the 2024 NHL draft, giving them another big trade chip in the coming weeks, or an opportunity to add another strong prospect to their organization and farm system.

Loser: Flames GM Craig Conroy

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NASHVILLE, TENNESSEE - JUNE 29: Craig Conroy of the Calgary Flames attends the 2023 NHL Draft at the Bridgestone Arena on June 29, 2023 in Nashville, Tennessee. (Photo by Bruce Bennett/Getty Images)

The goalie trade market can be brutal for sellers.

Goalie trade values are never what people expect or hope, and that is especially true when you are dealing a mid-30s goalie who has probably already played his best hockey and is still signed for two more years.

But this was another trade involving a significant player where Conroy did not get anything that wows you.

Kevin Bahl is still only 23 years old but has not really done much to offer much in the way of excitement or hope that he is going to be a meaningful player.

Getting a first-round pick is nice, but it is top-10 protected, and if Markstrom helps improve the Devils as expected, you could be looking at a mid-to-very-late first-round pick. That might be a 50-50 bet to be an NHL regular in a few years.

In this trade, he also had to retain more than $1.8 million in salary in each of the next two seasons.

Since last year's trade deadline, Conroy has traded Markstrom, Elias Lindholm, Chris Tanev and Noah Hanifin—some of the biggest players available at their positions—and received more quantity over quality.

The return on that group: Bahl, Artem Grushnikov, Daniil Miromanov, Andrei Kuzmenko, Joni Jurmo, Hunter Brzustewicz, a 2024 first-round pick (No. 28 overall), a 2025 first-round pick (top-10 protected), a 2026 first-round pick, a 2024 fourth-round pick and a 2024 second-round pick.

The most valuable assets there are the first-round picks, but they are all looking like later picks, and if one of them becomes an NHL player, that should be a success.

Winner: Jacob Markstrom

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CALGARY, CANADA - MARCH 2: Jacob Markstrom #25 of the Calgary Flames in action against the Pittsburgh Penguins during an NHL game at Scotiabank Saddledome on March 2, 2024 in Calgary, Alberta, Canada. The Flames defeated the Penguins 4-3. (Photo by Derek Leung/Getty Images)

Markstrom is a winner just for the simple fact he gets to go from a rebuilding Flames team that is looking at another long season, to a Devils team that should have serious playoff goals.

It is a team that should have a Stanley Cup window open for the next two years of Markstrom's contract and, on paper, could be one of the better squads in the league.

He gets to play behind a better defensive group and should get goal support on a team led by Jack Hughes and Nico Hischier. That should not only improve his numbers but also improve his morale on a good team.

Markstrom posted a 2.78 goals-against average with a .905 save percentage last season. He also had 13.1 goals saved above expected, according to Moneypuck.com.

Loser: Other Teams Looking to Trade a Goalie

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BOSTON, MA - APRIL 22: Boston Bruins goalie Linus Ullmark (35) eyes a face off during Game 2 of the Eastern Conference First Round playoffs between the Boston Bruins and the Toronto Maple Leafs on April 22, 2024, at TD Garden in Boston, Massachusetts. (Photo by Fred Kfoury III/Icon Sportswire via Getty Images)

With this trade completed, we now have an idea of what the goalie market could look like for other teams looking to move a goalie. It also takes away a potential suitor for teams like Boston (Linus Ullmark) or Nashville (Juuse Saros).

It also helps set a potential cost in terms of assets that are going to go the other way.

Ullmark and Saros are better players, which should help increase their value.

But Markstrom had an additional year remaining on his contract, with the Flames eating a chunk of it to help lower the cost, and it still wasn't a great return.

Trading goalies is not easy. The Flames found that out. Others are about to this offseason as well.

Winner: Dustin Wolf

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CALGARY, AB - APRIL 18: Calgary Flames Goalie Dustin Wolf (32) covers his net during the second period of an NHL game between the Calgary Flames and the San Jose Sharks on April 18, 2024, at the Scotiabank Saddledome in Calgary, AB. (Photo by Brett Holmes/Icon Sportswire via Getty Images)

With Markstrom no longer the starting goalie in Calgary, that means Dustin Wolf is likely in line to see an increased role, and perhaps even the starter's role.

He has been outstanding in the American Hockey League the past three seasons, posting save percentages of .924, .932 and .922 and doing everything that has been asked of him in his development.

He has only played 18 games at the NHL level during that stretch (with very mixed results), but that should change dramatically this season.

The Flames are turning the page and starting a new chapter, and giving Wolf an opportunity to show what he can do is going to be a big part of that.

This is his time.