According to more reports from insiders Frank Seravalli and Elliotte Friedman, the deal fell apart mostly due to Markstrom $6M cap hit, and the difficulty of managing that addition to the Devils cap-strapped roster. Seravalli even said that based on the way he heard this trade fell apart, he can't see these two team trying again to complete a deal.
This leaves the Flames goaltender in total limbo, playing out this next month of games in Calgary having no idea what his future holds - but it's clear now that he's okay with moving out of Calgary for just about anywhere with a better shot for the playoffs.
Now 34 years old, Markstrom has established himself as one of the more reliable starting goaltenders in the NHL, and will be coveted by many teams at the deadline in need of stability in net. Markstrom's had an incredible year on the struggling Flames team, posting a 2.50 GAA and .916 save percentage in 33 games. After this season, he's signed for two more years at $6M.