The Detroit Red Wings are clinging to their playoff hopes as the NHL's Trade Deadline approaches. They have the same number of points as the New York Rangers, who are second in the wild-card but sit behind them due to the tiebreak. The team faltered at the worst possible time with the cautious general manager Steve Yzerman, losing three consecutive games. The losing streak could excuse the GM from taking a more measured approach at this year's deadline.
The Red Wings have taken some hits to their lineup from the injury bug, as Andrew Copp and Jeff Petry find themselves on injured reserve. The Copp injury opens up some salary cap flexibility for the franchise, as he will miss the rest of the season, and the Red Wings will get to spend his $5.5 million cap hit. Copp had been struggling for the Red Wings, so the added flexibility to improve is a welcome sight. The only question is whether Yzerman will use it.
Red Wings' deadline dream is using salary cap space to their advantage
The Red Wings have nearly $10 million in cap space at this year's trade deadline. They also have every draft pick except one in the next three drafts, with a couple of extras from other teams thrown in. Detroit has all the assets to make a big splash, and it'd be a dream scenario if they can add to their top-six forward group and defensive core.
William Lagesson is the team's extra defenseman with Jeff Petry on injured reserve. The team has some good top-end talent on the blue line, but a defenseman they can slot in the bottom two pairs would be ideal. Detroit won't be pursuing a rental at this deadline, which means it'd have to be a defenseman on the list with term. A younger option like Brandon Carlo could be of interest.
Rasmus Ristolainen is another defenseman with bite the Red Wings could pursue. Still, there's also Bowen Byram, who aligns more age-wise with the rest of the core and could be a valuable piece if Detroit's strong developmental coaches could be the ones to unlock his potential.
If the Red Wings want to make a splash to upgrade their forwards, there are two European forwards out there that the franchise has done well with in the past. Detroit's glory years featured Pavel Datsyuk, Henrik Zetterberg, and Nicklas Lidstrom, making acquiring Mikko Rantanen or Elias Pettersson an intriguing option to place alongside Lucas Raymond and Moritz Seider.
A Rantanen deal would have to include a long-term extension to stay in Detroit, while Pettersson will have to be one the team considers after seeing his struggles in Vancouver. For a team looking to step out of the shadows of mediocrity, one of those two players would be the big splash that Yzerman's tenure has been needing.
Steve Yzerman not making a big move would be Detroit's nightmare

It's hard to underestimate Steve Yzerman's impact on the Tampa Bay Lightning's recent dynasty. He may not have been around to be part of all the Stanley Cups, but he was the man who built the core of most of those teams. His managing prowess earned the moniker “The Yzer-plan,” which the Red Wings hoped he would carry over to their team.
Yzerman's role in Detroit is extra special because of his Hall-of-Fame playing career with the franchise. He captained the team to three Stanley Cup Championships, and many hoped he would return the team to that glory as an executive.
Yzerman was an aggressive executive with the Lightning, never afraid to think outside the box and make some bold moves. However, he hasn't adopted that same philosophy with the Red Wings. Detroit is on the cusp of contending, never seeming to be able to get over the hump. It resulted in some middling regular-season finishes, which caused them not to get a top-five pick for most of this rebuild. They only snuck into that position when they grabbed Lucas Raymond fourth in 2020.
They've picked ninth and 15th over the past two years. Most believe the players they got in those positions were steals, but the fans are getting sick of finishing just outside a playoff spot. Yzerman must make a big splash at this deadline to maximize the team's chances of making the playoffs, as it'd be a nightmare scenario if they finish just outside the picture for another season.
It'll be difficult for Yzerman to justify if he sits on his $10 million in cap space and allows the team to sit home again this spring.