Flames blue line:
Giordano (UFA in 2016)
Hamilton (RFA now)
Brodie (signed long term)
Wideman (UFA in 2017)
Russell (UFA in 2016)
Smid (UFA in 2017)
Engelland (UFA in 2017)
Giordano (UFA in 2016, $4MM cap hit now)
Hamilton (signed long-term at $5.75MM per)
Brodie (signed long-term at $4.65MM per)
Wideman (UFA in 2017, $5.25 cap hit now)
Russell (UFA in 2016, $2.6MM cap hit now)
Smid ($3.75MM until 2017)
Engelland ($2.9MM until 2017)
they will almost certainly lock up Giordano before he hits free agency. Probably something around $7MM/year would get it done, depending on how much term they want to give him. That would give them long-term deals with their top-3 defensemen for roughly $17.5MM/year. That's about 25% of the cap right now but it's going to go up.
They let Wideman walk in 2017 when he's 34yo. Try to sign Russel to a new deal at $4MM/year or less to be their #4. I doubt Smid or Engelland are in the long-term plans so both can walk or sign team-friendly deals to stick around as bottom pairing/depth players.
At forward:
Hudler (UFA in 2016, cap hit of $4MM now)
D.Jones (UFA in 2016, cap hit of $4MM now)
Backlund ($3.575MM for 3 years)
Raymond ($3.15MM for 2 years)
Stajan ($3.125MM for 3 years)
Gaudreau (RFA in 2016)
Monahan (RFA in 2016)
Colborne (RFA in 2016)
Bollig ($1.25MM for 2 years)
Bouma (RFA now)
Bennett (RFA in 2018)
Goalies:
Hiller ($4.5MM for 1 more year)
Ramo (UFA now)
So, they have a few guys set to make raises in 2016. Hudler just had a great year, but he's 31yo so he shouldn't cost a ton to sign to an extension. Monahan and Gaudreau both could sign long-term deals or take a bridge deal in the hopes of signing an even bigger deal when they get a bit further along. I assume Calgary would prefer to lock them both up as soon as they can though. I don't see any other big contracts here. Bennett is years away from being a concern.
In goal, they probably let Hiller leave in a year. Have young guys like Ortio and Gillies in place, and maybe they will re-sign Ramo or find another low-cost starter in free agency.
I think they are in pretty good shape actually. even if they give Giordano a short-term deal that's around $7.5MM/year or so, that will be fine because their young forwards aren't going to break the bank right away.