Flames
Protection locks (guys who, no matter what, barring trade, are going to be protected)
Forwards: Gaudreau, Monahan, Lindholm, Tkachuk
Defence: Hanifin, Andersson
Goalies: Markstrom
Then there's the tier of players below them who are questionable for protection
Forwards: Backlund, Bennett, Lucic (NMC), Mangiapane, Dube
Two of these players have to be exposed, if Lucic waives his NMC, he's 100% on that list. If not... shit. I feel Dube and Mangiapane capitalizing on their development opportunities, and hopefully continuing to do so puts them as a tier above Bennett. The only question then is, if Lucic waives, who do we value between Backlund and Bennett? Backlund is better now, and probably will be forever, but Bennett has that intangibility and the team loves him. I think I'd obviously take Backlund. Then, if Lucic doesn't waive, who between Backlund/Mangiapane/Dube gets bumped off. That is all relative to this season but if Dube doesn't show the ability to take over the 2C role, or even play centre, I feel the team has to view him as having the higher ceiling compared to Mangiapane and would leave him exposed, but if becomes a 2C then Backlund is exposed.
Defense: Giordano, Tanev, Kylington
This is a lot tougher. Giordano is the captain, Tanev is the new guy, and Kylington is a fringe player who the fanbase likes to suck picture as a #1 D-man (Lol). In my mind it's an obvious choice, given Valimaki is exempt from being exposed, I'd protect Giordano. He's the damn captain, norris winner, and even if he is declining, Tanev is no better and Kylington has proven nothing to make us value him more.
Which leaves a final list of
Forwards: Gaudreau, Monahan, Lindholm, Tkachuk, Backlund, Mangiapane, Dube
Defence: Andersson, Hanifin, Giordano
Goalie: Markstrom
With Bennett, Lucic, Kylington, and Tanev being notable players being exposed.