Orlov, 25, could have become a restricted free agent on Saturday.
The 5-foot-11, 212-pound Orlov registered 33 points (six goals, 27 assists) in 82 games with the Capitals during the 2016-17 season, recording career highs in assists and points.
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The Buffalo Sabres acquired defenseman Marco Scandella, forward Jason Pominville and a fourth-round pick in the 2018 NHL draft from the Minnesota Wild in exchange for forwards Tyler Ennis and Marcus Foligno and a third-round pick in 2018.
Scandella recorded 89 points (27 goals, 62 assists) in 373 career regular-season games with the Wild and nine points (six goals, three assists) in 39 career playoff games.
Pominville, 34, rejoins the Sabres after spending the last four full seasons with the Wild.
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The Calgary Flames re-signed defenseman Michael Stone to a three-year contract, the team announced.
Financial terms were not divulged by the Flames, but TSN reported that the deal was worth $10.5 million.
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