Knight was originally selected by Florida in the fifth round of the 2009 NHL Entry Draft.
The 22-year-old British Columbia native has spent the last four seasons playing for the University of North Dakota. He has yet to sign an entry-level contract or make his professional debut. In 161 games played at North Dakota, Knight has accumulated 52 goals, 94 assists and 146 points.
Now that the Flames have acquired Knight's rights, they will need to sign him to an entry-level contract. General manager Jay Feaster stated in a press release that the team will do so when they are permitted after July 5. According to Feaster, Florida permitted the Flames to engage in discussions with Knight after contract negotiations failed to materialize this spring.
After talking to Knight and his agent over the past 10 days, Feaster was convinced that the player is interested in starting his career in Calgary.