The NHL standings might be more densely packed than usual, but yesterday’s trade deadline still lived up to tradition and brought with it a flurry of last-minute dealings. The biggest winners were the Pittsburgh Penguins, who didn’t sacrifice a single roster player in adding star forward Marian Hossa, role player Pascal Dupuis, and hulking defenseman Hal Gill. But the San Jose Sharks, Dallas Stars, Washington Capitals, and Colorado Avalanche also upgraded considerably for the stretch run.

Hossa — along with Sidney Crosby, Evgeni Malkin, Sergei Gonchar, and Ryan Whitney — gives the Pens the most potent lineup in the entire league. And although the bounty given up for Hossa and Dupuis (Angelo Esposito, Colby Armstrong, Erik Christensen, and a first-round pick were sent to the Atlanta Thrashers) was significant, none of the players were contributing for the Pens this year. General manager Ray Shero also sacrificed a 2008 second-round pick and a 2009 fifth-round pick to acquire Gill from the Toronto Maple Leafs, sending a decisive signal that the time to win in Pittsburgh is now.

For the Thrashers, the move made great sense, as they acquired three talented young forwards (and a first-round pick) for a player they likely weren’t going to be able to re-sign. Last spring, the Thrashers made some questionable moves as “buyers” at the deadline, most notably the ill-fated decision to send emerging defenseman Braydon Coburn to the Flyers for Alexei Zhitnik. This time around, GM and coach Don Waddell reverted to the role of “seller,” perhaps undoing some of that damage.

The fallout from this trade will be most significant in Montreal, Ottawa, and Boston. All three teams were reportedly in hot pursuit of Hossa, and by waiting until the 11th hour to pull the trigger, Waddell left all three reported suitors out in the cold. When the day was done, the Habs failed to upgrade at all, their only move being to send goaltender Cristobal Huet to the Washington Capitals in exchange for a second-round pick. Likewise, the Senators (who only added gritty veteran Martin Lapointe) and the Bruins failed to power up in any meaningful way, no doubt causing their fans great consternation.

The Capitals were surprisingly aggressive, emerging as the sole “buyers” in the atrocious Southeast Division. In addition to Huet, they also acquired Russian forward Sergei Fedorov from the Columbus Blue Jackets (for prospect Ted Ruth). Look for Fedorov, still one of the game’s most complete two-way forwards, to provide the perfect complement to Alexander Ovechkin on the Caps’ top line.

Out West, the San Jose Sharks pulled off a huge deal of their own, sending young forward Steve Bernier and a first-round pick to the Buffalo Sabres in exchange for All-Star defenseman Brian Campbell. In Campbell, the Sharks are getting a stellar puck carrier who will breathe some life into their struggling power play while providing stabilizing presence in the defensive zone.

The Dallas Stars were also very aggressive, acquiring former Conn Smythe Trophy winner Brad Richards and goaltender Johan Holmqvist from the Lightning in exchange for Mike Smith, Jussi Jokinen, Jeff Halpern, and a fourth-round pick. While Richards’s onerous $7.8 million-per-year contract is a bit of a concern, adding him has fortified the Stars for what might be a very long playoff run.

The Colorado Avalanche turned back the clock with two big maneuvers, first signing free agent Peter Forsberg to a one-year contract on Monday and then acquiring another former Colorado player, defenseman Adam Foote, in a deal with the Columbus Blue Jackets on deadline day. The two players were key components of the Avs’ Cup championships in both 1996 and 2001, and although they’re long in the tooth, their combination of skill and experience should be enough to propel the 10th-place Avs into a playoff spot.

Not surprisingly, the local teams weren’t particularly active. On the strength of a recent surge, the Rangers have battled their way back into a playoff spot, but there was no strong argument to give up the farm in pursuit of a rental such as Hossa or Campbell. Instead, they made two smaller deals, the first of which was to send a fourth-round pick to the St. Louis Blues in return for Swedish defenseman Christian Backman, a solid puck-moving rearguard who should be quite comfortable playing in front of fellow countryman Henrik Lundqvist.

In the other deal, the Blueshirts sent goaltending prospect Alvaro Montoya and underachieving winger Marcel Hossa to the Phoenix Coyotes, getting two sandpaper forwards (Fredrik Sjostrom and Josh Gratton) and goalie prospect Daniel LeNeveu in return. With Montoya permanently blocked by Lundqvist, adding the toughness that Sjostrom and Gratton provide could prove to be quite valuable down the stretch. The Devils have been one of the league’s hottest teams of late, and GM Lou Lamoriello was cautious not to upset the team’s chemistry. He made only one move, sending St. Louis native Cam Janssen home to the Blues in exchange for hard-hitting defenseman Bryce Salvador, a solid stay-at-home rearguard whose presence will make life far easier for star goaltender Martin Brodeur.

If there was a surprise from the local teams, it was that the Islanders emerged as late sellers. After acquiring defenseman Rob Davison from the Sharks, they sent Marc-Andre Bergeron (to Anaheim for a third-round pick) and Chris Simon (to Minnesota for a sixth-round pick) off in separate deals. Given that they’re only two points behind the Philadelphia Flyers for the final playoff spot in the Eastern Conference (with 19 games still to play), the Isles would likely have been better off standing pat than giving away two starters for mid-round draft picks.

As the deadline approached, it appeared that the Maple Leafs were going to be among the most active teams. But with star players Mats Sundin and Tomas Kaberle refusing to waive their no-trade clauses, the Leafs’ long-overdue rebuilding effort was delayed even further. After seeing what the Leafs went through, one would think that NHL general managers wouldn’t be as willing to include no-trade clauses when signing high-price free agents. But if anything has been learned from watching the league’s power brokers operate over the years, it’s that they learn precious little from their own mistakes, much less from those of their peers. Instead, look for no-trade clauses to once again be handed out like M&Ms this summer.

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