The Calgary Flames haven’t played a game of the 2026-27 season.
According to oddsmakers, they may not need to.
If the early Stanley Cup futures are any indication, the betting market has already reached a harsh verdict on Calgary’s chances, essentially labeling the Flames as one of the NHL’s least likely contenders. At +35,000 odds to win the Stanley Cup, only one team is viewed as having a slimmer path to hockey’s ultimate prize: the Vancouver Canucks at +40,000.
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It’s a staggering level of skepticism.
For perspective, a $100 wager on the Flames would return $35,000 in winnings if they somehow lifted the Cup next June. Even a single dollar would turn into $350. Those aren’t simply underdog odds—they’re rebuild odds.
And it’s difficult to argue with the logic.
Calgary’s 2025-26 campaign unraveled almost immediately. A disastrous 2-8-2 start in October buried the club before Halloween, forcing the organization to confront reality months earlier than expected. By season’s end, the Flames had finished 34-39-9 with 75 points, ranking 29th overall and narrowly avoiding the league’s basement only by holding the regulation-wins tiebreaker over the New York Rangers.
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Rather than chase an unlikely playoff spot, management committed to a different direction.
Rasmus Andersson was moved in January. MacKenzie Weegar followed in February. Nazem Kadri departed in March. What began as a veteran-heavy roster gradually transformed into a team prioritizing tomorrow over today.
The makeover may not be finished.
Alternate captain Blake Coleman is entering the final season of his contract, and with Calgary firmly in transition, his name continues to surface as a logical trade candidate. If the organization remains committed to accumulating assets, another familiar face could be gone before opening night.
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That’s why the betting market isn’t buying a surprise turnaround.
The Flames aren’t simply being projected as a team that misses the playoffs. They’re being viewed as a franchise still in the early stages of constructing its next competitive window.
Around the rest of Canada, the outlook is considerably brighter. The Edmonton Oilers opened at +1,100, the Ottawa Senators at +1,600, the Montreal Canadiens at +2,200, the Toronto Maple Leafs at +4,000 and the Winnipeg Jets at +5,000.
Sitting atop the board are the defending Stanley Cup champion Carolina Hurricanes, who enter the summer as +750 favorites to repeat.
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Of course, futures odds in June rarely tell the entire story. Trades, free agency, injuries and breakout seasons can reshape a franchise in a matter of months.
But for now, the message from oddsmakers couldn’t be much clearer.
No team in the NHL is being given less of a chance than the rebuilding Vancouver Canucks—and the Calgary Flames aren’t far behind.
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