TSN NHL Insider Bob McKenzie dropped a pretty big bomb on the hockey-watching world and the Toronto Maple Leafs in particular on Tuesday morning when he reported that he'd been hearing "lots of Dion Phaneuf trade chatter." Of course, that doesn't mean much in the here and now - teams talk and players are brought up as potential trade pieces all the time. But for the rebuilding Leafs and the suddenly spry Phaneuf, there may actually be some fire under all the smoke McKenzie just created - especially after the Winnipeg Jets locked up defenseman Dustin Byfuglien on Monday morning.

UPDATE, 11:10 a.m.: McKenzie followed up shortly thereafter, reporting that the Leafs and Senators are "working on a trade" involving Phaneuf.

UPDATE #2: It's official. And it involves nine players.

There's no denying that the NHL is facing a shortage of talented defenseman. Just about every team in the league, with the exception of maybe the Nashville Predators and the St. Louis Blues, would like to add an impact defender or two ahead of this month's trade deadline. But the scarcity of capable blueliners - even scarcer after Big Buff's extension - makes talented, if flawed players like Phaneuf suddenly look much more palatable.

Still, dealing Phaneuf will be no small feat for the Leafs and GM Lou Lamoriello. Phaneuf has five years left on his current contract with an annual cap hit of $7 million. That's a lot of term for a guy who is already 30 and was never a particularly speedy player to begin with, and that's a big cap hit for a guy who is playing better this season, but who remains limited athletically and offensively in a game very much trending a different direction. David Pagnotta of The Fourth Period suggests that the Leafs are likely willing to eat some of Phaneuf's salary - not that they'd really have a choice - in order to see a deal get done, but it's still a tricky trade to work out.

The Ottawa Senators, for instance, are a team Bruce Garrioch of the Ottawa Sun has heard showed or are showing "interest" in Phaneuf. But giving up major assets for a guy on the downside of his career with that much term left is not advisable in any situation, let alone when you're tied for fifth in the Atlantic and far from being an assured playoff contender.

Really, whatever team lands Phaneuf will be doing the Leafs a big favor. He's a valuable guy for his experience and locker room contributions, but his on-ice exploits are minimal at this point. The Leafs, early into their rebuild, are bona fide sellers ahead of the NHL trade deadline later this month. Moving Phaneuf would be a big step along that path, but finding someone willing to take on his contract or surrender assets in exchange for his services, should Lou be able to pull it off, would be one of Lamoriello's biggest accomplishments as an NHL personnel man.

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