Luongo's contract is simply untradeable. Not sure what they can do where that's concerned.
No team in their right mind would take Luongo's contract (ok ... maybe my team, they took Scott Gomez), but in all seriousness, the Canucks are screwed.
Stuck with a playoff choking goalie until 2021.
The Canucks, like my Habs, have to hope like hell the NHL changes the cap rules to allow an amnesty clause.