If Carolina is looking to trade the 5th pick, as a Flames fan I think that they should go all out to try and get it.
For the Flames, the ideal is to get Nathan MacKinnon. But there is no way that is going to happen. At least not while completely crippling the roster. While MacKinnon will be a franchise somewhere, the steps needed to get to that pick will set the rebuild much too far back in the process.
Then while Jones and Drouin will be amazing. They are not what the Flames need to be targetting. And with them being the safe bet to be in the top 3 picks, that means there is no point in trying to trade with any of Colorado, Florida, or Tampa. Nashville needs their pick as much as any team. They have the chance to kick start their offence, so one would think that they would use this opportunity to draft their future Center to build around. That leads me to think that They will pick Barkov. So the top 4 are gone and accounted for.
That brings it to Carolina at the 5 spot. I believe that last season was an anomaly for the Hurricanes. Injuries, especially to Cam Ward, really held them back from being there they should have been. That makes me think that they would rather add pieces that will make an impact now. Their main need is a defenceman, but it is doubtful that any defenceman drafted, with the exception of Seth Jones, will be able to step in next season and make an impact. So it makes all the more sense for them to deal this pick for a top 4 defenceman that is ready to go. Obviously it may take more then just that but it becomes the main point in any trade offer.
When it comes to the Flames, with the rebuild many players are available. There is also the 3 first round picks to work with. Additionally the Flames have tons of cap space available. The advantage to that is they have the ability to take back a "bad" contract, or to retain salary in players traded away allowing the other team to get a player at as low as half the cost. With being a rebuilding team, the youth that will mean for the team should mean smaller salaries at this stage. Means they can retain salary for a period without hurting their cap space abilities.
The key is to get Carolina's 5th overall pick, but they need to retain their 6th overall pick in the process. Having those two picks will greatly kick start this rebuild and have a huge impact on the future of this team.
Carolina wants a top 4 defenceman. With the Flames that means offering Wideman or Giordano. I would prefer that they keep Giordano. I think that he will be a leader and a veteran that will contribute the the Flames rebuild. So the first part of the offer becomes Wideman. Additionally here is where the Flames Cap space comes in. Many do not like Wideman's contract. 5.25 million for the next 4 years is a lot. But Wideman at 2.63 million for the next 4 years (with half his salary retained) is a steal. It gets the Hurricanes a top 4 defenceman, and excellent powerplay quarter back (to help their 27th ranked powerplay) that will make the new, lower salary cap easier to maintain.
So piece 1 of a trade offer is Wideman at the reduced salary.
Next comes the Flames 3 First round picks. As I said, this trade required that the Flames keep the 6th overall. But that still leaves the 22nd (from St. Louis) and 28th (from Pittsburgh) as bargaining chips, and one should be included in the trade offer. It is supposed to be a deep draft this year, so Carolina still getting a first round pick in the deal still allows them to work towards the future as well. Obviously I would prefer to offer the 28th, but realistically it will need to be the 22nd.
So the trade becomes Wideman, at half salary, and the 22nd overall.
From there it is tweaking and going the extra steps to get Carolina what they are looking for to convince them to make the trade. Maybe they want a higher winger. Offer Hudler, and potentially again at the reduced salary (could mean he is only 2 million a year). They want another draft pick, offer next years 2nd rounder (as this year's is already gone). Maybe a second tier prospect. Maybe take something back that would help Carolina's cap situation. I'm honestly not sure who they may want to off load, but it is an option with the Flames.
The goal is to get that 5th and 6th pick. With the picks one of them needs to be a Center, the one thing that the Flames have always lacked. That means Monahan or Lindholm. I lean towards Monahan. Lindholm may be more skilled, but I question his ability to adapt to the tough, physical Western Conference. Especially in a division next year that will include the Kings, the Sharks, and the Ducks. So for a center they take Sean Monahan.
For the other pick the question comes to either a Defenceman (Nurse or Ristolainen) or a forward. Defencemen are always a bit of an unknown. They take longer to develop, which isn't a bad thing, but with that those that are selected later in the draft may times develop into much more then expected. Remember none of Subban, Letang, Webber, Keith, or Chara were taken in the first round. So using one of those draft picks on a defenceman seems less necessary.
So you go for a forward. The Flames other need becomes scoring from the wing. With Iginla gone especially from the right side. Their forwards also lack somewhat in size. Really of the forwards that get minutes, Glencross is the biggest and he's not known for his power game. The protential draft pick that most fits these needs if Valery Nichushkin. Yes there is the Russian factor and always has concerns with it. But the guy is a scoring power forward with a huge upside.
With the remaining first round pick they should pick the best available defenceman. There the hopes is that that player will develop into an impact defenceman. Hope for Mueller, Morrissey, Morin, or Pulock. But either way take the best one still there.
So the goal becomes to draft these two top talents in Nichushkin and Monahan. They become two pieces to potentially the Flames futre number 1 line. Match them with Baertschi and it is a great top line. From there the rebuild gets a huge kick start, and the Flames future starts to look brighter. Maybe I am out to lunch, but the pieces are available, and with the rebuild the are "expendable".
I say go all out and do what is needed to make this happen.