The NHL's Feb. 29 Trade Deadline is approaching and teams are making decisions on whether to buy or sell and decide which players can make the biggest difference and hold the greatest value. Check out today's trade rumours and speculation from around the NHL beat.

Running Out Of Time

The Ottawa Senators are 0-3 since adding defenceman Dion Phaneuf in a blockbuster deal with the Toronto Maple Leafs and now sit eight points out of the second and final wild card spot, with four teams between them and the Tampa Bay Lightning.

With a crucial stretch of three Eastern Conference ahead of them, this week could be make-or-break for the Senators playoff chances. Ken Warren of the Ottawa Sun notes 'countless' players could be put on the block if the Senators fall further out of the playoff picture.

Warren does not single out any specific players, but Chris Neil and Chris Phillips are both set to become unrestricted free agents this summer, while Alex Chiasson, Mike Hoffman, Cody Ceci and Patrick Weircioch are all set to become restricted free agents.

The Senators open their three-game home stretch tonight, hosting the Buffalo Sabres who will be playing without Evander Kane. A win would allow them to even their record to 26-26-6. 

Backup Plan?

The biggest cloud of uncertainty hovering over the San Jose Sharks as they approach the Feb. 29 trade deadline surrounds the team's backup goalie situation.

According to Paul Gackle of the Mercury News, the Sharks could potentially swing a deal to acquire a veteran backup to give the team more stability when starter Martin Jones needs a breather.

Building, Not Rebuilding

While the Columbus Blue Jackets are expected to be sellers at the trade deadline, team president John Davidson made it clear that there won't be a fire sale.

"We’re in the midst of a build, three and a half years into it," Davidson said. "Now that first half-year (the lockout-shortened 2012-13 season) is kind of getting-to-know-you. But three years into the build, some things have gone well and some things haven’t. But, no, we’re not looking to tear this thing down."

According to The Columbus Dispatch, the Blue Jackets could part ways with Scott Hartnell and Fedor Tyutin before the deadline expires.

Time Has Come

Is it time for the Carolina Hurricanes to start trading off its veteran's?

Luke DeCock of The Raleigh News & Observer believes it is, saying GM Ron Francis needs to get what he can for Eric Staal, Cam Ward, John-Michael Liles and Kris Versteeg – and maybe even Jeff Skinner.

While the Hurricanes are only a few points outside of the playoff picture heading into Tuesday’s game against Paul Maurice, Andrew Ladd and the Winnipeg Jets, there’s no guarantee they can close that gap even if they hold on to everyone.

Fire Sale

Buy? Sell?

Calgary Flames general manager Brad Treliving is two weeks away from the National Hockey League’s trade deadline and accoring to Scott Cruickshank of the Calgary Gerald, he can comfortably shop the works.

Monday’s 6-4 loss to the Anaheim Ducks marooned the Flames, who are now 10 points out of third spot in the Pacific Division and at least eight points south of a wild card berth in the Western Conference.

“There’s still a lot of games left to be played … but, at the same time, the games are running down,” said forward Mikael Backlund.