The Ottawa Senators have acquired center Dylan Cozens, defenseman Dennis Gilbert, and a 2026 second-round pick from the Buffalo Sabres in exchange for center Josh Norris and defenseman Jacob Bernard-Docker.
The Senators receive:
Cozens, whose production has dipped for two consecutive seasons. Following a breakout 68-point season in 2022-23, Cozens' scoring fell to 47 points in 2023-24, and he is on pace for just 42 points this season. That being said, he is only 24 years of age, so his best seasons could still be ahead.

Gilbert, a 28-year-old pure depth defenseman who has been in and out of the lineup all season.
The Sabres receive:
Norris, who appeared to be on the verge of big things in 2021-22 when he scored 55 points in just 66 games. Since then, he has failed to crack 35 points due to various injuries. Band-Aid Boy Certified, Norris has never played 70 games in an NHL season, although he could this season if he remains healthy.

Bernard-Docker, who has not played since December 28 because of a high-ankle sprain. He is only 24 years old, so he still has further time to develop beyond the depth role he has served with the Senators.
Fantasy impact:
This seems like an old-fashioned hockey trade as opposed to a typical buyer/seller deadline deal. The Senators are acquiring the slightly younger, slightly higher upside, and injured less often player in Cozens; while the Sabres may simply be looking to change the mix of their continually struggling roster. On top of that, this is an exchange of centers, so there is the possibility that each could swap into the other's role.
There shouldn't be a huge change in fantasy value from either of the two centers in the trade, other than a possible change of scenery bump. That has the potential to help Cozens more, as he moves from a team at the bottom of the Eastern Conference to a team in the thick of the playoff race. Cozens likely slots in as a second-line center on the Senators depth chart behind Tim Stutzle, although Cozens could also be bumped to the third line if he is outperformed by Shane Pinto.
If Norris can shake the injuries (or if Buffalo has an improved medical staff from the Jack Eichel era), then he has the potential to make this deal work for the Sabres, particularly in the goal-scoring department. Those odds also improve if he is on a line with Tage Thompson and can stick on the top power play.
Players this helps, in order:
Cozens
Norris
Players this hurts, in order:
Pinto
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Discuss the trade in this thread on the Forum.