But, really, how will both sides fare from this deal?
The Islanders' acquisition of Butch Goring from the Kings in 1980 is considered by most to be the mother of all trade-deadline deals. But considering changes in the game and the last team expansion, let's just take a look at a few successful transactions from the last 10 seasons.
1996-97 -- Larry Murphy to Detroit
• Considered one of the more reliable defensemen in the NHL, Murphy was picked up by the Red Wings in March and wound up being one of the integral parts of Detroit's Stanley Cup runs. Just like his partnership with Ulf Samuelsson in Pittsburgh (they won two Cups (1991-92), Murphy found another solid defensive pairing with Nicklas Lidstrom in Detorit. Murphy had two goals and nine assists to help the Wings win the 1997 Cup. Murphy and Detroit would win another championship the following season.
1999-2000 -- Ray Bourque to Colorado
• After years of loyalty to Beantown, Bourque's career was nearing an end and the window of opportunity to win a Stanley Cup was small. So, shortly after the new year, the defenseman requested a trade from the Boston Bruins. On March 6, 2000, Bourque's request was granted and he and Dave Andreychuk were traded to Colorado for Brian Rolston, Martin Grenier, Samuel Pahlsson, and a first-round draft pick. Bourque would have to wait until the 2000-01 season, but he finally hoisted Lord Stanley after 22 seasons.
2001-02 -- Joe Nieuwendyk to New Jersey
• Playoff experience is one of the major lures for a trade deadline deal -- just look at how many times that factored into Glenn Anderson's numerous late-winter moves. The New Jersey Devils were thinking the same thing when they acquired Nieuwendyk, and Jamie Langenbrunner, from the Dallas Stars for Jason Arnott, Randy McKay and a first-round pick. Like Bourque, it would take another season for the deal to pay off. In 2003, Nieuwendyk won his third Stanley Cup with a third different team (Calgary and Dallas were the others).
2003-04 -- Darryl Sydor to Tampa Bay
• The Tampa Bay Lightning were looking for defensive help heading into the late-season stretch. Darryl Sydor, who had reached two Stanley Cup finals and won it all with the Dallas Stars in 1999, brought plenty of experience and grit. Sydor and the Bolts went on to win the Stanley Cup that spring. Lightning GM Jay Feaster would later say Sydor "was the missing piece that helped us win the Stanley Cup and his leadership has been invaluable."
2005-06 -- Dwayne Roloson to Edmonton
• Some at the time thought the Oilers gave up too much for goalie Dwayne Roloson (first-round and third-round draft picks to Minnesota), but Edmonton picked up the netminding stability they were lacking and made an improbable run to the Stanley Cup finals.
Joy Russo is the NHL and Olympics editor for ESPN.com.