A misunderstanding regarding Luongo is the "out clause" in his 12-year contract extension.
No such clause exists.
What Luongo has after five years is the right to ask for a trade. But the Canucks are under no obligation to grant one. If they do not, the team loses its option to trade him later in the contract.
That's good to know. That article also gets more into details about how there is a noose around Kyle Wellwood's neck.