The Flames announced the transaction.
Tanguay, 33, still has three years remaining on his current contract and counts $3.5 million against the salary cap. He scored 11 goals to go with 16 assists in 40 games this past season. He was a member of the Avalanche between 1999 and 2006, winning a Stanley Cup as a second-year player in 2000-01. He was teammates on that team with new coach Patrick Roy and vice president of hockey operations Joe Sakic. Adam Foote is also a consultant for the organization.
In exchange for Tanguay, the Avalanche are sending Jones and O'Brien to Calgary. Jones seems like he might be the key player in the deal for Calgary, even though he's coming off a down year in Colorado, scoring just three goals in 33 games. He scored at least 20 goals in each of the previous two seasons.
"This trade adds needed size up front and grit on the back end while also allowing us to get younger,” Flames general manager Jay Feaster said in a statement. "We like the fact that Jones plays a north-south game, drives hard to the net, kills penalties and is a right hand shot. O'Brien is a hard guy to play against, knows how to get under the skin of the opposition and stands up for his teammates. We are pleased to add both of these players to our organization."
Like Tanguay, Jones also has three years remaining on his current contract. He will count $4 million against the Flames' salary cap each year.