The Vancouver Canucks may have found their next reclamation project, and it involves a former first-round draft pick the entire NHL just passed over.
According to Sportsnet insider Elliotte Friedman, Vancouver is among the teams considering a move for Calgary Flames forward Connor Zary. The interesting part? Zary cleared waivers earlier this week, meaning the Canucks could have acquired him without giving Calgary anything in return.
Now, with the 25-year-old back in the American Hockey League, Vancouver is reportedly exploring whether a trade makes sense.
So why would the Canucks consider paying for a player they could have claimed for free?
The answer likely involves Zary’s $3.775 million salary-cap hit, Calgary’s reluctance to retain salary, and Vancouver’s opportunity to acquire a once-promising offensive forward at a potentially reduced trade price.
Zary was Calgary’s 24th overall selection in the 2020 NHL Draft. He produced 34 points during his rookie season, but injuries and declining production have complicated his development.
For a rebuilding Vancouver team seeking younger players with offensive upside, there’s an argument worth exploring.
The question isn’t whether Zary has talent. It’s whether the Canucks can unlock it without making an expensive mistake.
What Elliotte Friedman Revealed About Vancouver’s Interest
During Sportsnet’s October 10 Saturday Headlines segment, Friedman identified the Canucks as one of several organizations examining Zary’s situation.
He stressed that a deal was not imminent and that Calgary was reluctant to retain salary. That creates an interesting negotiating situation between two Pacific Division rivals.
The Flames have already committed two of their three salary-retention slots to other transactions, according to CanucksArmy. With just one remaining, Calgary has little incentive to use it on a relatively modest contract unless the return makes sense.
This is where Vancouver’s financial flexibility could become valuable.
The Canucks entered the conversation with approximately $15.93 million in projected salary-cap space. Very few teams can absorb a $3.775 million contract without significantly reshuffling their payroll, but Vancouver has room to explore that possibility.
In my view, though, having cap space and using it wisely are two different things.
Vancouver should not treat its financial flexibility as an invitation to rescue Calgary from an inconvenient contract. If the Flames want relief, the Canucks should negotiate accordingly.
There’s also the divisional rivalry to consider. Calgary might prefer sending Zary outside the Pacific Division, particularly if it believes there’s a realistic chance he rediscovers his offensive confidence.
Why Did Connor Zary Clear Waivers?
To understand this potential trade, we need to look beyond the waiver transaction.
Zary entered the NHL with genuine offensive promise. He demonstrated creativity through the neutral zone, handled the puck confidently in tight areas and displayed the kind of attacking instincts teams desperately want from young forwards.
His rookie season supported those expectations.
However, his production has gradually declined, and two knee injuries during the 2024-25 season interrupted his development. The Flames have since struggled to establish a consistent role for him.
His NHL scoring numbers tell a revealing story.
| Season | Games | Goals | Assists | Points | Points/game |
|---|---|---|---|---|---|
| 2023-24 | 63 | 14 | 20 | 34 | 0.54 |
| 2024-25 | 54 | 13 | 14 | 27 | 0.50 |
| 2025-26 | 74 | 12 | 13 | 25 | 0.34 |
The most concerning number isn’t necessarily his decline from 34 points to 25.
It’s that Zary played 11 more games in 2025-26 than he did during his rookie campaign while producing nine fewer points.
His points-per-game rate dropped approximately 37% over that span.
That’s a significant reduction for a player expected to develop into a dependable middle-six offensive contributor.
Still, his earlier numbers provide a reason not to dismiss him completely.
Connor Zary’s Three-Year Scoring Trend Shows Both Risk and Upside
The decline suggests something has changed in Zary’s offensive effectiveness, but the numbers alone cannot tell us whether injuries, deployment, confidence or a combination of factors deserve the greatest responsibility.
The player who once created dangerous opportunities off the rush may still be there. Determining how much of that offensive ability he can recover is exactly the evaluation Vancouver should be making.
Connor Zary: Three-Year Scoring Trend
Calgary Flames | Points per game
through 2025-26
Why Connor Zary Could Fit the Vancouver Canucks Rebuild
Vancouver’s interest makes sense when you consider the organization’s current direction.
The Canucks are attempting to rebuild their forward group while identifying players who can contribute beyond the immediate season.
Zary is 25 years old, capable of playing centre or wing, and under contract through 2027-28.
That timeline potentially gives Vancouver nearly two seasons to determine whether he’s part of its longer-term plans before his next contract decision.
There’s an appealing hockey argument here.
A player who has already demonstrated middle-six potential might be a more realistic acquisition than a highly regarded prospect commanding a substantial trade package.
Vancouver wouldn’t need Zary to become a franchise star.
If he can provide responsible secondary scoring, contribute around 35 to 40 points across a full healthy season, and add some versatility to the forward group, there’s a path for this gamble to work.
That production range is my projection of a successful rebound, not a reported forecast.
But the challenge would be finding the right role.
Zary doesn’t strike me as the kind of forward who benefits from being buried on a checking line with limited offensive-zone opportunities. His best chance of succeeding would come alongside teammates who can exchange passes in transition and create enough offensive possessions to build confidence.
The Canucks would also have to consider who loses a roster spot.
Vancouver currently has a full 23-player active roster, meaning adding Zary would require an accompanying roster move. With several younger players competing for NHL minutes, the club should be careful about acquiring someone whose development comes at the expense of another promising forward.
The potential is appealing. The opportunity cost still matters.
Vancouver Canucks Salary Cap: Can They Afford Connor Zary?
Financially, Vancouver is well positioned to consider the move.
Using our projected 2026-27 cap figures, the Canucks have $15,925,053 in projected cap space against the NHL’s $104 million ceiling.
Zary’s entire annual cap hit is $3,775,000.
Acquiring him without salary retention or an offsetting contract would therefore leave Vancouver with approximately $12.15 million in projected cap space, before any other roster adjustments.
That’s manageable.
The more interesting question is whether Vancouver could negotiate a transaction that improves the economics.
For illustration, Calgary retaining 25% would reduce Zary’s cap hit for Vancouver to $2,831,250. At 50% retention, that figure would fall to $1,887,500.
Those are hypothetical scenarios only. Friedman reported that the Flames do not want to retain salary.
Can Vancouver Afford Connor Zary?
My preference would be for Vancouver to prioritize what it receives in the transaction rather than simply pursuing an attractive salary-retention percentage.
A rebuilding team with cap space can sometimes acquire additional draft capital by accepting contracts that other organizations want to move.
That’s a negotiating advantage worth protecting.
What Could a Calgary Flames–Vancouver Canucks Trade Look Like?
Here’s where the speculation becomes particularly interesting.
Every NHL organization had an opportunity to claim Zary on waivers. Nobody did.
That doesn’t prove Zary has no hockey value, but it tells us teams weren’t willing to take on the complete contractual obligation through the waiver process.
A trade offers alternatives that waivers do not.
Calgary could potentially take back another contract. Vancouver might ask for additional draft compensation. The organizations could construct a larger transaction that addresses roster needs on both sides.
Three hypothetical structures stand out:
- Low-cost acquisition: Vancouver sends a late-round draft pick to Calgary without salary retention. This only makes sense if the Canucks genuinely value the player and are comfortable with the complete financial commitment.
- Contract-for-contract exchange: Vancouver moves another unwanted salary obligation to Calgary. Both teams receive a player they believe might benefit from a different environment.
- Salary-relief transaction: Vancouver absorbs Zary’s full contract while seeking an additional asset from Calgary. This would depend on how strongly the Flames value immediate financial flexibility.
These are original editorial trade scenarios, not reported offers or negotiations.
Personally, I wouldn’t surrender meaningful draft capital simply because Zary was once a first-round selection.
His draft pedigree explains the interest, but the current contract and recent performance must determine the acquisition price.
NHLTradeRumor.com Trade Value Index: Is Zary Worth the Gamble?
To evaluate this opportunity, I’ve weighed Zary’s remaining development potential against his production decline, contract, age and Calgary’s negotiating position.
Our illustrative editorial model gives him a 49/100 trade-value score.
That places him in the speculative reclamation category: someone with enough talent to justify a relatively modest gamble, but not a player whose recent NHL performance supports a substantial acquisition package.
Connor Zary Trade Value Index
The index is not an industry trade valuation and does not predict what Calgary will accept. It provides a transparent framework for comparing the risks and potential rewards.
A healthy Zary rediscovering his offensive game could outperform this evaluation. Another disappointing season, however, would make the remaining contract more difficult to justify.
What Happens Next for Connor Zary and the Canucks?
There are still several reasons this situation might not lead to a trade.
First, the Flames have little urgency to accept an offer they dislike. Zary can continue playing meaningful minutes with the Calgary Wranglers while the organization evaluates its options.
He scored in his first AHL game following the demotion, an encouraging beginning to what could be an important reset.
Second, Vancouver isn’t the only interested organization. Friedman indicated that additional teams have examined Zary, which could strengthen Calgary’s negotiating position if multiple clubs become serious.
Third, the Canucks must determine whether Zary’s previous knee injuries continue to affect his ability to accelerate, change direction and create separation.
That last issue would be especially important in my evaluation.
A player’s confidence can return relatively quickly. Restoring the skating advantage that once made him effective is a different challenge.
There’s also something revealing about Calgary’s recent decisions.
Zary was a healthy scratch against Vancouver on October 3, placed on waivers October 5, cleared October 6, and subsequently returned to the AHL. His situation changed dramatically in less than a week.
For the Flames, this has become an asset-management question. For Vancouver, it’s an opportunity to acquire a young player whose perceived value may have fallen faster than his underlying ability.
My Verdict: Vancouver Should Be Interested, but Only at the Right Price
I understand why the Vancouver Canucks are reportedly considering Connor Zary.
He’s young enough to fit a rebuilding timeline, talented enough to become a useful offensive contributor and available at a moment when Calgary appears ready to consider alternatives.
But I wouldn’t confuse a buying opportunity with a guaranteed bargain.
The Flames’ decision to waive Zary, followed by every other team’s decision not to claim him, should give Vancouver considerable negotiating leverage.
If acquiring him requires only a minimal return, or if Calgary provides an additional incentive to move the contract, the Canucks should seriously consider it.
If the price becomes a meaningful draft pick or promising young prospect, I’d walk away.
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