The wild wheeling and dealing continued on the second day of free agency, and the Rangers were once again big players. This time, rather than signing any marquee free agents, they pulled off a trade with the Columbus Blue Jackets that has the potential to pay huge dividends. General manager Glen Sather shipped defensemen Fedor Tyutin and Christian Backman to Columbus in exchange for forwards Nikolai Zherdev and Dan Fritsche in a deal that should turn out to be ludicrously lopsided in the Blueshirts’ favor.

There was some bad news mixed in with the good, though: The Rangers discovered that highly coveted free agent forward Marian Hossa chose to sign a one-year deal worth $7.4 million with the defending Stanley Cup champion Red Wings, making Detroit prohibitive favorites to be the first repeat champions since they accomplished the feat in 1997 and 1998. In response to losing Hossa, the Pittsburgh Penguins acted quickly, inking Evgeni Malkin to a five-year deal worth $43.5 million and hard-hitting defenseman Brooks Orpik to a six-year deal worth $22.5 million.

Perhaps an even greater concern for the Rangers is that fan favorite agitator Sean Avery chose to take his act to Dallas, signing a four-year, $13.5 million deal with the Stars that includes a limited no-movement clause. During the 2007-08 season, the Rangers posted a stellar 33-14-10 record when Avery was in the lineup; in games he missed with injuries, they were only 9-13-3. Needless to say, if that trend continues into next season, the Blueshirts’ offseason remodeling effort will have been an unmitigated disaster. But there are some strong signs to indicate that the moves Sather’s making are well-chosen.

In Zherdev, the Rangers have landed a talented forward who was the fourth overall pick in the 2003 NHL Entry Draft. One of the finest skaters in the NHL, Zherdev enjoyed a career season in 2007-08, tallying 26 goals and 35 assists in 82 games for the Blue Jackets. He should fit in nicely on the Rangers, his fast-paced game a seemingly perfect match for playmaking center Scott Gomez, and if he emerges as a perennial point-per-game player in New York, the Rangers will have unequivocally won this trade.

Fritsche, a reliable two-way forward who’s unafraid to play in traffic, should fit in nicely as well. His combination of skill, size, and grit make him a solid replacement for Avery, on the ice at least. Of course, Fritsche and Aaron Voros (a capable fourth-line grinder signed yesterday) won’t command nearly as much attention from the tabloids. But if they deliver on the ice, they’ll soon curry the favor of the Rangers’ passionate fan base.

The two defenseman heading to Columbus, Tyutin and Backman, both have considerable upside but were made expendable with the signing of Wade Redden and the pending arrival of top prospect Bobby Sanguinetti. By trading two of the most highly touted forwards to be drafted in the past half-decade (Zherdev and Gilbert Brule, who now goes to the Edmonton Oilers), the Blue Jackets have effectively squandered both lottery picks. For a franchise still looking for its first-ever playoff appearance, this is an unforgivable offense. Evaluating the Rangers’ offseason overhaul is a bit difficult at this stage, because it seems clear that the other foot is still yet to drop. The well-heeled Blueshirts are currently about $14 million under the salary cap and will likely look to get closer to the payroll maximum with additional maneuvers. But one presumed Rangers target won’t be making a decision about bringing his act to Broadway anytime soon: Mats Sundin made a statement yesterday stating that he’s unsure “about resuming [his] career at this time.”

Should Sundin ultimately decide to join the Rangers, there would appear to be plenty of cap room to sign both him and Jaromir Jagr, setting the Blueshirts up to be a veritable powerhouse. At this stage in his career, Jagr is more a playmaker than a sniper, making him the ideal winger for Sundin, a rare breed of center whose shot is more feared than his pass.

Given that the Rangers’ lineup has gotten considerably younger this offseason, perhaps Sather might be wiser to pursue a deal for Chicago Blackhawks forward Martin Havlat. After three consecutive injury-ravaged seasons, Havlat likely wouldn’t come at too high a price, especially with the ‘Hawks currently nearly $2 million over the cap and needing to cut salary. Put simply, the upside of having Havlat skate alongside Gomez or Chris Drury would outweigh the considerable injury risk associated with acquiring him.

It will be interesting to see what the Rangers do with their $14 million of cap space — whether they wait for Sundin and coax Jagr to return, or whether they instead turn their attention to other available free agents or the trade market. And until the dust begins to settle later this month, it will be impossible to evaluate whether the Blueshirts’ offseason has been a success. At this point, Sather must get an “incomplete” grade, but the outlook is certainly promising.

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The Islanders made an important move as well yesterday, signing playmaking center Doug Weight to a one-year deal worth $1.75 million, with bonuses that could raise the final compensation to $4.3 million. The 37-year-old Weight is an excellent playmaking center, and although his finest days are certainly behind him, he should provide some much-needed depth behind first-line center Mike Comrie. And perhaps just as importantly, Weight has a strong history with Isles captain Bill Guerin, dating back to their days together with the Edmonton Oilers.

Mr. Greenstein is the editor in chief of InsideHockey.com.