After checking some of the message boards and  blogs it's obvious that a lot of people are confused about the consequences of today's trading of Keith Tkachuk back to the St. Louis Blues. Let me try to clear things up.

Tkachuk and a conditional draft pick were sent to the Blues in exchange for the Thrashers' conditional first-round pick in 2008. That pick was sent to St. Louis in the February deal that brought Tkachuk here.

Here are the various scenarios that result from today's trade:

1. If St. Louis signs Tkachuk before or after July 1 the Thrashers keep their first-round pick in 2008 and keep the conditional pick that was sent to St. Louis today.
2. If any team other than the Thrashers or Blues sign Tkachuk the Thrashers keep their 2008 first-round pick and the conditional pick sent to the Blues today.
3. If the Thrashers sign Tkachuk after July 1 they owe St. Louis a fourth-round pick in 2008 or a third-round pick in 2009 instead of a first-round pick in 2008 (the conditional pick they would have owed before today's trade)

In other words, no matter what happens the Thrashers now own their first-round draft pick in 2008, and that's a good thing. The odds of Don Waddell signing Tkachuk after July 1 knowing it would cost him a first-round pick were pretty close to zero. Now it's within the realm of possibility, but St. Louis obviously has plans to sign him or they wouldn't have made this deal in the first place.