The Coyotes have agreed to shoulder 25 percent of Smith's total cost - which is $3 million more than Elliott worked for past year - dropping his cap hit to a manageable $4.25 million, but that's still more than Calgary's tandem from a season ago.
The 35-year-old Smith was originally selected by the Dallas Stars in the fifth round (161st pick overall) of the 2001 NHL Entry Draft. Smith's cap hit is $5.67 million for two more seasons where Elliott's cap hit this season was $2.5 million. From a fantasy perspective, Smith could get a sizable boost in value since he's moving from the 27th ranked team in shorthanded situations to one that sat 12th with a stave-off rate of 81.6 percent.
According to a press release from the team, defenseman Brandon Hickey, goaltender Chad Johnson will join the organization in exchange for goaltender Mike Smith. Elliott overcame a slow start to put together a quality regular season on behalf of the Flames, but he faltered in the playoffs during a four-game sweep at the hands of the Anaheim Ducks.
He played his first two seasons with Dallas before a trade to Tampa Bay in 2008.
Smith remained with the Lightning through the 2010-11 campaign, and that summer he signed with the Coyotes as a free agent.
"The 6'4", 215lbs. goaltender has played 474 career National Hockey League games posting a 2.70 GAA and a.913 save percentage. In 36 games with the Flames, Johnson went 18-15-1 with a 2.59 goals against average and a.910 save percentage.
Smith doesn't have to be a top-10 netminder for the Flames to have success next season; they qualified for the postseason when ranking in the bottom 10 in total goaltending.
In 55 games with the Coyotes this season, Smith posted a 19-26-9 record with a 2.92 goals-against-average, a.914 save percentage and three shutouts.