The trade deadline is a huge opportunity to improve your team.  Even if you aren't making a trade, or are stuck rebuilding, there are still things you can do to set your team up to be more competitive next year.

1.  Plan ahead.  You should already have a list of your Protected Players for next year.  If you make a trade or sign a player, you should make a new list and compare.  Does the trade actually make your team better for next year?  It is not uncommon to see a GM make a multi-player trade only to realize afterwards that they can't even protect some of the new players they acquired.  You have 9 protected player spots and 3 prospect spots.  If you are planning to protect prospect eligible players in your 9 protected player spots you are missing opportunities.  

2.  Bolster your Prospect Roster.  You should always have 3 prospects to protect.  Check to see if any of your prospects are aging out by the deadline for next year.  (Sept 25th). Also note if any of your prospects are currently in your Top 6 Fwds, Top 4 Dmen or Top 2 Goalies.  If they are, look to make a trade or sign another player that will push them down out of your top grouping so you can still protect them as a prospect player.  Most prospects don't work out or take way longer to develop than anticipated.  Always look to upgrade to a prospect who is showing the most promise now and closer to making your Pro squad.  Most prospects should be treated like penny stocks. 

3. Revenue points.  Revenue points are awarded based on how you finish in the Standings. Try to predict how many points you will earn this year.  How many will you have for next year?  It costs 25 Revenue points to protect an extra player.  It only cost 15 points to sign a Free agent.  Can you make a move now that will give you more options for next year?  Can you climb up the standings a couple spots and earn enough Revenue so you can protect another player?  If you are low on moves and will be forced to use Revenue points to protect an extra player next year, look to see if there is an opportunity to save money now.  Can you spend 15 Revenue points to sign a free agent that will push one of your prospects down so you don't have spend 25 points next year?

4.  Recency bias.  Every season some NHL teams surprise and some teams under perform.  Many players and teams step up their game for the playoffs.  Players on teams that surprise or do well in the playoffs will seem far more valuable next year.  Many of these players are sitting available on the Free Agent list right now.  There is a good chance that at next year's Draft you will value these current Free agents much higher than some of the players you plan on protecting.  If you have moves and room on your roster, it doesn't hurt to buy more lottery tickets.  

5.  Roster management.    Which positions are you planning on protecting?  4 Fwds, 3 Dmen, 2 Goalies OR 6 Fwds, 2 Dmen, 1 Goalie.  This is going to affect how you Draft next year.  If you are a top team this decision will probably be made automatically.  However, if you are a rebuilding team you want as many options as possible.  You want to finish the season with a list of several players that may be protectable at each position.  Don't end the year with a thin roster, a roster that is too young, too old, etc.  A big injury to a key player could be devastating.  If you are a rebuilding team and you don't have tough decisions to make about who to protect then you probably won't be competitive next year.