Right now the Flames have 7.5 million in Cap Space. You add Rastis Ivanins contract to that and you have 8 million. You add Langkows contract to that and you have a possible extra 4.5 million. Langkow will be allowed to go on IR whenever he wants to heal his ailing back. That leaves flames with somewhere between 8-12.5 million to spend. Lets go to the higher end of that because there are always injuries and many players get placed on the IR even after training camp and pre-season.
Right now they pretty much have a full lineup of forwards. I can see them resigning Brendan Morrison at 1.5 million. That leaves 11 million to deal with defense. Flames are very thin on defense because they don't have a solid top four anymore with the departure of Regher. Signing Babchuk will not necesarilly fill that void so the Flames will likely sign another player as a free agent.
Babchuk will likely get 3.5 million while the newbie Chris Butler could get 2 million. That uses up half of the flames remaining 11 million.
I could see the Flames sit on the remaining 5.5 million. Sit on the cap space and see if any trade opportunities open up through the course of the year that doesn't sacrifice their future or give up a roster player that is seriously contributing. They could try and sign Ed Jovanoski, Bryan McCabe or Chris Phillips with this money. But again this is still assuming that Langkow is on the IR or playing in Abbotsford or Langkow or someone like Hagman or Stajan are somehow moved to another organization.