Nazem Kadri has finally been traded!

The Calgary Flames have traded Nazem Kadri back to the Colorado Avalanche in a complex deal that also involves multiple conditional draft picks.

Calgary, which retained 20 percent of Kadri’s salary, will send a 2027 fourth-round pick to Colorado. Kadri carries a $7 million average annual value, meaning the Flames will pay roughly $1.4 million per season over the next three years as part of the retained salary.

In return, Colorado sends forward Victor Olofsson, prospect Max Curran, a conditional 2028 first-round pick, and a conditional 2027 second-round pick to Calgary.

Here is the full trade and details on the conditional picks:

The 2028 first-round pick comes with several layers of protection tied to another previous trade involving Nicolas Roy.

• If Colorado’s 2027 first-round pick ends up going to the Toronto Maple Leafs as part of that earlier deal, Calgary will receive Colorado’s 2028 first-round pick, which will be top-10 protected. If the pick lands in the top 10, it will slide to 2029 instead.**
• If Colorado’s 2027 first-round pick is itself top-10 protected and pushes the obligation to 2028 for Toronto, then Calgary will instead receive Colorado’s 2029 first-round pick with no protection.**

Meanwhile, the 2027 second-round pick included in the deal will be the better of Colorado’s or the pick originally belonging to the Minnesota Wild.

Earlier on Thursday, it was believed that the Flames had a deal in place with the Avalanche, but with retention taken off the table, Colorado pivoted to Nic Roy and pulled the trigger with the Toronto Maple Leafs instead. For Roy, Colorado sent back a conditional first-round pick at the 2027 draft along with a fifth-rounder. In the event the first-round selection falls inside the top-10, the Avalanche would instead send the Maple Leafs their unprotected first-rounder in 2028. Toronto also gets the lowest of Colorado’s three picks in the fifth round of the 2026 draft as part of the swap.

However, the Flames and Avs went at it again, and at the buzzer, with the trade in queue for approval, Kadri was once again with Colorado.

On Trade Center on TSN, minutes after the transaction, Kadri admitted that he was losing faith with the deal coming more than 60 minutes after the deadline.

"An absolute sweat. I didn't even know it could happen that long after."

Kadri, a Stanley Cup champion with the Colorado Avalanche in 2022, has put up 12 goals and 41 points through 61 games this season.

More to come...