This comes from the "very unlikely to actually happen" playbook but it would be interesting to muse about trading Phaneuf to Edmonton in a combination that returns Edmonton's top pick this year. Such a trade might suit both teams.
Edmonton has had hoards of top draft picks and their problems are that (a) all of their talent is young, and (b) good defensement take a long time to develop. Nurse, Klefbom, Maracin may turn out to be great but it is going to take a few years. The fan base has been suffering for a long time. A guy like Phaneuf may make a huge difference.
Of course, trading Phaneuf makes Toronto's weakest position (or may be center is their weakest position) weaker in the short term. If they made such a move, they would be a disaster next year in all likelihood. Still, Toronto may be a little closer to developing a good defense with an emerging Rielly and Gardiner and a reliable Gunnarsson. It may be a little easier for Toronto to find a free agent or two to plug its holes than Edmonton. I don't really know the draft, but perhaps Edmonton's pick could be used to obtain a center with high-end potential that could begin to contribute significantly 3 years from now.
Something like Phaneuf + our first for Klefbom + Edmonton's first would be interesting to consider. I'm not sure that's exactly the right value of balance. (It means Edmonton's absorbing a huge amount of cap and they might want to dump someone like Ference on us to balance it out.)
Anyway, a Phaneuf trade would hurt Toronto now and kill a couple of years at Kessel's peak. It might set us up for a really terrible year next year but then our core might be: Bernier, Gardiner, Rielly, Kadri, JVR, edmonton pick, our picks this year, next year's picks -- all players who might be peaking 3-4 years from now. Along with Kessel who would be 30-31 and hopefully aging like a fine St. Louis '83. A huge benefit of Kessel's non-contact style should hopefully be his resilience to injury.
Now, because this would make the team substantially worse in the short term, Nonis just won't do it but it might interesting to discuss.
In such a scenario, it would also make sense to shed Lupul to the highest bidder for futures.
(As an aside, in ~5-7 years time, one would expect that Buffalo would become a perennial powerhouse if they make the right deals to support their incoming hoards of high draft picks with the right veterens.)