If it was any team besides edmonton Calgary probably does it but edmonton needs to overpay for Calgary to help them like this.

But Arizona declines regardless. A 1st isn't enough for them to downgrade from Veggy to Soupy. They're much improved this year and said to be looking at trading for Hanifin themselves to speed up the last part of the rebuild.

Not sure if you're reading this correctly, Hanafin goes to AZ and EDM are giving up 2 1sts in this deal.

Yeah two 1sts one to Calgary and one to Arizona. Like I said if it was anyone but edmonton this would probably be enough for Calgary but Arizona will decline regardless for multiple reasons.

1. They're improved and could make the playoffs this year especially if they add a good player.
2. Arizona is looking at trading for Hanifin themselves.
3. A 1st wouldn't be enough to both get Vegmalka AND take on Campbell's horrible contract with the rest of this season and 3 more full seasons left on it. Yet this contract not only wants that but asks them to give up Stetcher and a 2nd too. No way Arizona is going to take a beating on a trade that fixes edmonton's problems on defense and in goal while making their defense and goaltending worse.
4. Even if it was just Veg for Soup and a 1st the Coyotes won't downgrade in goal like that... Not when it finally looks like they're coming out of the rebuild and will be in the playoffs soon. Maybe even this season.

What it boils down to is edmonton would be getting a really good deal on fixing their two biggest problems defense and goaltending while Arizona would be getting screwed royally. Seriously why would send Arizona send Stecher and a 2nd to Calgary (so edmonton can pay less for Hanifin I'd guess), get robbed on a goalie swap on top of that and make their own team worse in the process too?

Hanafin ends up in AZ here... They aren't helping EDM with their defense.... Arizona gets a downgrade on their back up goalie in Veggie for a cap dump, 26 yo D man in Hanafin who still fits their timeline, and an upgrade on a 2nd to a 1st round pick. Ingram has out performed Veggie so far this season, having both is a luxury when their defense is under performing. They need help on D. which is why Hanafin makes sense, provided he is willing to stick around next season.

I don't know how I misread that. Value isn't bad in that case though I still don't see Arizona downgrading in goal like that. They have a good tandem right now that isn't expensive and both goalies are signed for at least 1 more season after this one. Campbell is really bad, makes more money than both AZ goalies put together and is signed for longer than either too.