They would not do it and the answer would be pretty quick.

Pass cuz the flames are pretty stocked with good young D men, and Janko has become a valuable penalty killer with some decent offensive upside.

No thanks. The Flames need Jankowski more than Hagg given their prospect depth at LD. Everyone thinking they will panic about losing Valimaki didn't watch Kylington play last year after Valimaki's high ankle sprain. They may look for an upgrade over Davidson/Valiev as the first call up, but I don't think they'll be moving their 24 year old 3rd/4th line center to address that (more likely just sign Schlemko, or another UFA to a #7D type contract 1 year, < 900k)

I don't think this is quite enough and Calgary isn't in a position to retain, I think you are close though and I don't mind the deal. Jankowski is easily replaced by Dube in my eyes, people value his PK too much because he scored a bunch, being too high in the zone and getting sprung on bad bounces doesn't make you a good penalty killer. In addition to that he was killing with either Frolik or Lindholm who are both elite penalty killers. Hagg and a 4th with no retention wouldn't feel like enough but honestly it's closer than people think. Creative thought, nice work.