The turn of the new year in the NHL means it's time for teams to start formulating game plans for the trade deadline. Will they be buyers, sellers or wait to see how things play out in the coming weeks?
There are several key factors that go into these types of decisions, like a team's competitiveness, cap space, players with trade value and draft picks.
Here is a look at where every team in the Eastern Conference stands as we begin trade season:
Note: All cap information is courtesy of CapFriendly.
Atlantic Division
Tampa Bay Lightning (30-9-3)
Projected cap space: $2.0 million
2018 draft picks: Rounds 1-7, Los Angeles' seventh
Top assets: LW Adam Erne, D Slater Koekkoek
Game plan: Running away with the division, the Lightning shouldn't be looking to make any big shakeups, but strengthening their depth should be a priority as they chase a Stanley Cup. Tampa Bay may get phone calls on two former high draft picks who haven't broken through to become full-time NHLers yet. Flipping one or both for proven players could make the league's best team even better.
Boston Bruins (23-10-7)
Projected cap space: $1.1 million
2018 draft picks: Rounds 1-5, 7
Top assets: C Ryan Spooner
Game plan: The Bruins have received impressive performances this season from young players Danton Heinen and Jake DeBrusk. The pair has combined to produce 51 points and reduced Boston's need for scoring beyond their top line. Adding one more scorer to a team that already ranks sixth in scoring could make the B's a serious contender. While Spooner has been heating up, Boston has been looking to move him for a more consistent player for several years.
Toronto Maple Leafs (25-16-2)
Projected cap space: $0
2018 draft picks: Round 1, 2, 4, 5, 7, San Jose's 2,3, Anaheim's seventh
Top assets: LW James van Riemsdyk, C Tyler Bozak
Game plan: By no means has Toronto fallen out of the conversation for top Eastern Conference team, but they have run into bumps in the road, especially defensively. The Leafs should be looking to find a partner for Morgan Rielly rather than relying on veteran Ron Hainsey to play more than 20 minutes per game. Van Riemsdyk is an upcoming free agent and Bozak has seen his ice time slide this season. Toronto could find more opportunities for a player-for-player hockey trade at the deadline.
Detroit Red Wings (17-17-7)
Projected cap space: $0
2018 draft picks: Round 1-4, 6, Ottawa's second, Pittsburgh's third
Top assets: C Gustav Nyquist, D Mike Green, G Jimmy Howard
Game plan: Detroit has been just good enough to consider buying, but not good enough to compete for a Stanley Cup. Not only do the Red Wings rank 26th in scoring and 23rd in goals against, they also have no cap room to add the significant pieces it would require to get into the mix. It should finally be time for Detroit to think about the future and deal off some expensive pieces for prospects and picks.
Florida Panthers (17-18-6)
Projected cap space: $6.8 million
2018 draft picks: Round 1, 3, 5-7, Arizona's second, Vegas' fourth
Top assets: C Nick Bjugstad, D Alex Petrovic
Game plan: Florida's core players -- Aleksander Barkov, Jonathan Huberdeau and Vincent Trocheck -- are playing up to their potential, but the rest of the Panthers' roster isn't strong enough to make the postseason. Unlike last season, in which Florida traded for Thomas Vanek at the deadline only to quickly fall out of the race, the Panthers should be looking for ways to build around their core rather than finding quick fixes. A first-round pick in 2010, Bjugstad has underwhelmed for several seasons and may need a fresh start elsewhere.
Montreal Canadiens (18-20-4)
Projected cap space: $7.6 million
2018 draft picks: Round 1-3, 5, Chicago's second, Washington's second, Edmonton's fifth, Los Angeles' fifth
Top assets: LW Max Pacioretty, C Tomas Plekanec, C/LW Alex Galchenyuk
Game plan: The Canadiens have painted themselves into a win-now corner with a core of veterans like Carey Price, Shea Weber and Pacioretty. A total rebuild isn't possible without a number of huge trades. The Habs do, however, have to find ways to retool, which could mean shaking up the core by dealing Pacioretty or Galchenyuk.
Ottawa Senators (14-17-9)
Projected cap space: $1.1 million
2018 draft picks: Round 3-7, Rangers' seventh
Top assets: D Erik Karlsson, RW Mark Stone, LW Mike Hoffman
Game plan: If Karlsson isn't interested in signing a long-term contract -- his deal expires after 2018-19 -- the Senators should deal him now and receive a huge package of prospects and picks. Otherwise, they risk waiting until next season and either losing him for nothing or far less than they would get back right now. Ottawa's roster is not a quick fix, especially with the team's current financial issues. It's time to start over.
Buffalo Sabres (14-17-9)
Projected cap space: $5.5 million
2018 draft picks: Round 1-3, 5-7, Minnesota's fourth
Top assets: LW Evander Kane, LW Benoit Pouliot, G Robin Lehner
Game plan: Once again, the Sabres were a trendy pick to improve, but have fallen well short of their goals. So the game plan is the same as it's been for the past five years: Sell everything that isn't nailed down, draft well, and be patient. With franchise center Jack Eichel in place on a long-term deal, the hardest part is done, the Sabres just have to wait for high picks like Alexander Nylander, Brendan Guhle and Casey Mittelstadt to mature. In the meantime, Buffalo needs to strike while there is high interest in Evander Kane, which may mean dealing him before the deadline.
Metropolitan Division
Washington Capitals (26-13-3)
Projected cap space: $373,000
2018 draft picks: Round 1, 3, 4, 6, 7, Florida's second, Toronto's third
Top assets: LW Andre Burakovsky, RW Brett Connolly
Game plan: After a slow start to the season, the Capitals have jumped right back in the driver's sat in the Metro. Statistically, they are not as powerful as in seasons past, ranking 23rd in Corsi for percentage and 11th in even-strength scoring. The Caps will need a defensive-minded blueliner and another third-line scorer to have a better chance at making this finally the year they break through and win it all.
Columbus Blue Jackets (25-16-3)
Projected cap space: $4.4 million
2018 draft picks: Round 1-4, 6, 7
Top assets: C Alexander Wennberg, C Boone Jenner, RW Cam Atkinson
Game plan: The Blue Jackets have seen a group of players who performed well last season slide back in 2017-18, but it shouldn't be time to panic. If they can remain toward the top of the division despite injuries to Wennberg and Atkinson, Columbus could quickly become a top team down the stretch. They rank in the top 10 in goals against and sixth in shots on goal differential. Overreaction at the deadline could unhinge a strong team.
New Jersey Devils (22-11-8)
Projected cap space: $8.3 million
2018 draft picks: Round 1, 2, 4-7, Calgary's fifth
Top assets: RW Drew Stafford, RW Jimmy Hayes, D Ben Lovejoy
Game plan: One of the league's surprise teams, the Devils have an opportunity to go all-in if they are still near the top of the division come deadline time. New Jersey has the cap space to add a big-money player, the core already in place to compete for years to come, and the opportunity to do some serious damage this spring, with no clear-cut second-best team in the East to challenge Tampa Bay. The Devils will also have options to move out players like Stafford, Hayes and Lovejoy, who haven't brought much to the table, for players who could be a better fit.
New York Rangers (22-15-5)
Projected cap space: $2.4 million
2018 draft picks: Round 1-6
Top assets: LW Chris Kreider, RW Kevin Hayes, LW Rick Nash
Game plan: Perpetually stuck in the good-not-great category, the Rangers have to push their chips to the middle and try to stack up again at the deadline. In years past, moves for players like Eric Staal haven't worked out, but so long as Henrik Lundqvist is still performing at a high level (.924 save percentage), the Blue Shirts have to take swings at a Cup. This year, they could decide to make a major trade -- like the one to trade Derek Stepan to Arizona at the draft this past summer -- rather than just adding rental players.
Pittsburgh Penguins (22-19-3)
Projected cap space: $500,000
2018 draft picks: Round 1, 2, 5-7
Top assets: RW Patric Hornqvist, D Ian Cole, RW Daniel Sprong
Game plan: Like the Rangers, the Penguins are always in win-now mode -- as long as Sidney Crosby and Evgeni Malkin still own skates, in Pittsburgh's case. They have proven in the past that a turnaround is always right around the corner. But the hill to the top is steep this season. Losing key role players like Nick Bonino and Matt Cullen has weakened the roster, and the Pens are having serious issues scoring at even strength. The Pens will have the option to move veterans and shake up the whole lineup or trade a young player like Sprong for proven depth help.
Carolina Hurricanes (19-14-8)
Projected cap space: $15.4 million
2018 draft picks: Round 1-4, 6, 7, Vegas' seventh
Top assets: C Elias Lindholm, C Derek Ryan, D Justin Faulk
Game plan: Especially given a weak Atlantic and imperfect top of the Metro, the Hurricanes should look to acquire players who can help them get into the postseason. The Canes haven't been in the ballpark of relevant in the East for years, and have stacked up top prospects by drafting in the top 15 for five years straight. Selling off parts for picks shouldn't be an option unless they fall apart over the next few weeks. At the top of the list of things to buy is goal scoring. Carolina is 21st in goals per game.
Philadelphia Flyers (19-15-8)
Projected cap space: $2.7 million
2018 draft picks: Round 1-7, St. Louis' first, Arizona's fifth, Montreal's seventh
Top assets: C Travis Konecny, C Valtteri Filppula, D Brandon Manning
Game plan: Stay the course. While the Flyers may have expected to be in a better position, they are on track to remain in the race and continue an upward trajectory over the next few seasons. Currently, the Flyers are seventh in the NHL in goals for percentage at even strength, indicating that things haven't been as bad as they might seem. Philadelphia should avoid panicked trades for the sake of slipping into the postseason.
New York Islanders (21-18-4)
Projected cap space: $2.8 million
2018 draft picks: Round 1-5, 7, Calgary's 1, 2
Top assets: C John Tavares, LW Josh Bailey, D Thomas Hickey
Game plan: If the Islanders remain at the bottom of the division, the Tavares rumor mill -- which had shut down with news that they're getting a new arena on Long Island -- would spring back into action. While the Isles have some exciting young players to build around, the return for impending free agent Tavares could be a franchise-altering haul. Alternatively, given that Bailey is having a career-best season, they could also get a big haul for him.