That the Calgary Flames are within two points of the playoffs after 40 games is — if you caught any of the pre-season predictions — perhaps the biggest story in the NHL this season.

New general manager Brad Treliving deserves miles of credit for filling in around the handful of established regulars on his roster, and head coach Bob Hartley should be heralded for making the most of what Treliving has given him.

The Flames have faded a bit, but they are unquestionably the best underdog story out West.

Team Record: 21-16-3 (9th in Western Conference)

Goals for: 115 (9th in NHL)

Goals against: 105 (13th in NHL)

Power Play: 18.5 percent (17th in NHL)

Penalty kill: 76.5 percent (27th in NHL)

Pre-season Cup odds: 100/1

Current Cup odds: 75/1

Best surprise: The Flames’ will. Mark Giordano has been even better than we thought he was and the goaltending has held up, but the biggest surprise is how Calgary never, ever thinks its out of a hockey game. They lead the NHL with eight third-period, come-from-behind victories. Calgary never quits — period.

Grade: A

Biggest disappointment: Not much here, only Mikael Backlund, whose abdominal issues have left him unable to build on last year’s breakout season. Not his fault, but his problem nonetheless.

Grade: C

Forwards: The guts of this group have done well to survive considering the Flames were without three of their opening-night centres for one stretch. Jiri Hudler, Johnny Gaudreau, Josh Jooris, Curtis Glencross — the Flames needed everyone, and everyone has shown up.

Grade: B

Defence: The performance of the Flames’ top two pairings is the reason for this season’s surprise success. Mark Giordano has been a Norris candidate. Dennis Wideman has played much better than in recent seasons. T.J. Brodie has taken a huge step, and Kris Russell is playing 23:25 a game and has become a legit top-4 defenceman.

Grade: A+

Goaltending: Jonas Hiller was never a "for sure" when the Flames picked him up as an unrestricted free agent. But he’s given the Flames an excellent .917 save percentage and, more importantly, a chance to win every night. Teams have had to earn their goals on Hiller and Karri Ramo — no freebies — and it’s allowed the Flames to stay confident.

Grade: A

Coaching: Hartley has squeezed more out of this lineup than anyone deemed possible, producing a wonderful work ethic and culture of never giving up that gives Calgary a solid footing for their rebuild. As such, Hartley was rewarded with a new contract. Just desserts.

Grade: A

Overall: To be two points south of eighth place at the halfway point? All you have to do is look 300 kilometres north to see that this second-year rebuild in Calgary has got more traction than some others we can think of.

Grade: A