He's had much better stats going back at least four years. And as I said, since injury, Varlamov is not the same.
Judging by your childish name for Elliot, there's no point in having this discussion.
Elliott the past few years:
2012-2013 2.28 .907
2013-2014 1.96 .922
2014-2015 2.26 .917
2015-2016 2.07 .930
Total: TOT:7,726 SA:3,470 Sv:3,194 SAA:26.95 GA:276 Sv%:.920 GAA:2.14
Varlamov:
2012-2013 3.02 .903
2013-2014 2.41 .927
2014-2015 2.56 .921
2015-2016 2.81 .914
Total: TOT:12,057 SA:6,525 Sv:5,992 SAA:32.47 Sv%:.918 GA:533 GAA:2.65
Elliott has a slightly better save percentage that was inflated by his final season with the Blues. If you discount last season, Elliott has a save percentage of .916 in the last three seasons. If you discount last season, Varlamov still has a save percentage of .920 if you discount last season. Elliott has a significantly better GAA because of the team he plays. Varlamov played at least 72 extra games in the last four seasons, while facing an average of 5.52 more shots. Yeah... Let's not even get into high danger chances, where Elliott only had to face a lot in his final season with the Blues, otherwise he's had an insanely easy workload. Yes none of these are true indications on who's better. However Save percentage and high danger save percentage are better indication. And Varlamov is only slightly worse than Elliott on a far worse team, whereas if you take away 2015-2016, Varlamov is better in those categories.
I am a Flames fan and I love Elliott, however I wouldn't say he's far better than Varlamov if even better at all. That being said because he's cheap and his contract ends this year, I'd much rather him than Varlamov.