After acquiring Sean Monahan from the Montreal Canadiens earlier this season, Winnipeg Jets GM Kevin Cheveldayoff made another splash ahead of Friday's NHL Trade Deadline.

The Jets are trading for New Jersey Devils forward Tyler Toffoli, according to TSN's Darren Dreger.

In return, the Devils are getting a 2025 second-rounder and a 2024 third-round selection. New Jersey is retaining 50 percent of the Toronto native's salary.

Toffoli has emerged into one of the top trade chips available after Jake Guentzel was shipped to the Carolina Hurricanes. The 31-year-old should be a key top-six piece as the Jets look to make a run in 2024.

The Stanley Cup champion just can't get away from playing for Canadian clubs; since leaving the Los Angeles Kings in 2019-20, he's played for the Vancouver Canucks, Montreal Canadiens, Calgary Flames, and now Jets.

Toffoli is in the midst of another great year on an underwhelming Devils team in 2023-24, scoring 26 goals and 44 points in 61 games. He was excellent with the Flames last season, amassing 34 goals and 73 points over a full 82-game slate.

Devils waving the white flag after Jets trade?

It's been an abysmal campaign in Newark for a team that had legitimate Stanley Cup aspirations heading into the season. After finishing third place in league standings in 2022-23, the Devils upset the powerhouse New York Rangers in seven games before being dispatched by the Hurricanes in Game 5 of the second-round.

The expectation was that this club would again be able to compete for a championship this time around, but various factors have held the roster back.

Dougie Hamilton has been sorely missed on the back end after tearing his pectoral muscle, while Jack Hughes and Vitek Vanecek have both missed chunks of the campaign.

Goaltending has also been an issue, with none of Vanecek, Akira Schmid or rookie Nico Daws able to maintain an above .900 save percentage. New Jersey needs a goalie, but it might be too late — at least this season.

Now 31-28-4 and a full six points back of the final wildcard berth in the Eastern Conference, it's going to take a significant turnaround for this roster to get in. And without Toffoli, it gets even harder.

Most likely, it will be a postseason-less campaign in Newark. But Tyler Toffoli will get a chance to win his second Stanley Cup with the Winnipeg Jets in 2024.