The NHL trade deadline is only two weeks away, and with teams packed together in the standings, making the right move — or the wrong one — will have enormous implications on the pursuit of Lord Stanley’s cherished chalice. In the post-lockout, salary cap-driven NHL, an earlier trade deadline and a reduced number of “sellers” make these trades even more difficult to consummate.

Last season, the two Cup finalists’ GMs were bold in the weeks leading up to the deadline, pulling the trigger on important trades that had a positive impact. For the Cup champion Carolina Hurricanes, it was the additions of veteran forwards Doug Weight and Mark Recchi that gave them the scoring depth they needed to emerge victorious. For the Edmonton Oilers, goaltender Dwayne Roloson provided the spark they needed to sneak into the playoffs and pull off three big upsets en route to the finals.

On the buyers’ side, one player who is no longer available on the trade market is talented winger Ladislav Nagy. Yesterday, the Phoenix Coyotes dealt him to the Dallas Stars in exchange for left wing Mattias Tjarnqvist and a 2007 first-round pick. For the Coyotes, the deal represents a tremendous bounty to receive in exchange for an unrestricted free agent-tobe, and serves as a strong sign that rental players won’t come cheap as the deadline approaches. For the goal-starved Stars, the deal just might provide them with the burst of offense they’ve been seeking all season long.

Looking ahead to the next two weeks, every NHL coach has an obligation to tinker with the lineup to try to maximize its value. For the “sellers,” that means showcasing available players in the best possible light. And for the “buyers,” it means finding the best possible solutions from within to reduce the perception of desperation as the deadline approaches.

Last week, Rangers GM Tom Renney finally came to the realization that his opening night lineup wasn’t cutting the mustard. And following the wholesale changes, the Blueshirts defeated two teams they’re battling for playoff spots — the Tampa Bay Lightning and the Washington Capitals — by a combined 10–2 score. The biggest key was breaking up the first line of Jaromir Jagr, Martin Straka, and Michael Nylander, for by keeping the three offensive dynamos together, it left sniper Brendan Shanahan without suitable linemates.

For this weekend’s games, Marcel Hossa was promoted to the top line alongside Jagr and Straka, providing a valuable defensive presence that allowed the Czech-mates to work their magic in the offensive zone with renewed confidence. And on the second line, Nylander is now the playmaker for Shanahan, and the line is rounded out by gritty newcomer Sean Avery.

Though the Blueshirts are paying off-season acquisition Matt Cullen a second-line center’s salary, it’s clear that he wasn’t the answer alongside Shanahan. The Rangers’ scoring depth is significantly improved, and the team’s prospects for the stretch run are far better than they were a week ago.

For the Devils, the salary cap remains a huge concern. A major addition in advance of the deadline is all but out of the question, for they still have no room in the lineup for the now recovered Richard Matvichuk, a solid depth defenseman on long-term injured reserve whose $1.3 million contract can’t fit under the cap.

The longer the Devils wait, the more affordable Matvichuk becomes. And it’s possible that they’ll simply send him down to Albany to get into game shape, and then recall him at the conclusion of the regular season, when his contract no longer presents any cap issues.

Another possibility would be to package Matvichuk together with a youngster — perhaps David Hale — in a deal for a player with more upside. The St. Louis Blues’ Eric Brewer, for one such example, has played with Martin Brodeur in international competition for Team Canada and could be a very strong addition for New Jersey.

Assuming that shutdown center John Madden’s facial injury (suffered in Sunday afternoon’s 4–1 loss to the Lightning) isn’t serious, the Devils’ forward corps appears to be in strong shape heading toward the postseason, and probably won’t be the focus of GM Lou Lamoriello’s attention. And in goal, Scott Clemmensen is firmly entrenched as Brodeur’s backup, costing the team the minimum $450,000.

The Islanders’ situation is possibly the most interesting of the three local teams. The two trades consummated with the Philadelphia Flyers earlier this season (Alexei Zhitnik for Freddy Meyer and Mike York for Randy Robitaille) cleared a considerable amount of space under the cap, and the Isles could make a big splash between now and February 27.

The Isles have won all four matchups with the Rangers this season, but there are still four more to go. Now that the Blueshirts have revamped their lineup, those wins won’t come so easily. For one thing, dedicating Brendan Witt to the task of shutting down Jagr will mean that Nylander and Shanahan will have more space in which to operate, making a blue line upgrade a top priority for first-year GM Garth Snow as the deadline approaches.

But perhaps Snow’s most difficult task is to figure out what to do about Jason Blake. Reportedly seeking a five-year deal worth in the vicinity of $18 million, Blake costs the Isles only $1.56 million under the cap this season. Blake is on pace to score nearly 40 goals and has been the team’s most consistent scoring threat. But if the Isles fail to sign him to a contract extension in advance of the deadline, he’s expected to test the free agent market.

So Snow has two weeks to determine whether his Isles are “buyers” or “sellers.” If they’re buyers, they should seriously consider buying Blake before he departs for good. Alexei Yashin might be the Isles’ highest-paid forward, but there’s little debate as to whether Blake is their most valuable forward. The clock is ticking, and given the market value for 40-goal scorers, Blake’s asking price seems reasonable.

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