Three hours after the trade deadline came and went, there was still one more deal on the docket.
"As much as I love Calgary and my teammates, I think this situation for me is great," Jones said of joining the Wild, who are currently two points out of a playoff spot and 10 points ahead of the Flames, who have two games in hand on Minnesota.
Backstrom hasn't played an NHL game this season. The 38-year-old former Wild starter leaves Minnesota as the franchise leader in games played by a goaltender (409), wins (194), and shutouts (28).
The Flames take on Backstrom's $3.42-million cap hit this season, while the Wild absorb Jones' $4-million hit. Both players are pending unrestricted free agents.