Defenceman Kyle Quincey was traded twice in the matter of minutes on Tuesday.
In the first deal, the Tampa Bay Lightning dealt forward Steve Downie to the Colorado Avalanche for Quincey.
The Lightning then dealt Quincey to the Detroit Red Wings for a first round pick in the 2012 NHL Entry Draft and minor-league defenceman Sebastien Piche.
The 24-year-old Downie has 12 goals and 16 assists in 55 games this season.
"Our organization believes that Steve Downie will add grit and skill to our lineup offensively," Avalanche general manager Greg Sherman said in statement. "He plays the game with an edge and we look forward to seeing the immediate and future impact he can bring to our team."
Quincey, who missed the final 53 games of the 2010-11 season with a shoulder injury, has rebounded well, recording five goals and 18 assists in 54 games.
The 26-year-old led all Avalanche players in ice time, averaging over 22 minutes per-game and was originally drafted by the Red Wings in 2003.
Both Downie and Quincey will be restricted free agents on July 1.
Tampa Bay has been the busiest team leading up to the trade deadline, having already dealt forward Dominic Moore to the Sharks, and defenceman Pavel Kubina to the Flyers.
"These moves are made to make us better in the future," Yzerman told the Associated Press. "We're excited about the future. These draft picks give us options. They don't help today, no question, but again my goal is to get a Stanley Cup here, and I think we have to do some tough things along the way to do that."
The Quincey deal increases Tampa's stockpile of picks, as they now have two first round choices and three second rounders in 2012. They will also get the Florida Panthers 2012 or 2013 second round pick as part of the Kubina trade. The Panthers have the option to pick which year to give up the pick.
"We could hang on to some of those picks and still, if a move comes up that a team is looking to move a player, there's a lot of options for us," Yzerman said. "Draft-related or potentially trade-related, we've got some flexibility."