One of the NHL’s long-rumored deals finally took place today, as the Edmonton Oilers traded defenseman Joni Pitkanen to the Carolina Hurricanes for forward Erik Cole.

The Hurricanes apparently tried to acquired Pitkanen last summer from the Philadelphia Flyers before he was dealt to the Oilers, and while Edmonton GM Kevin Lowe had hoped to re-sign Pitkanen, a restricted free agent, his acquisition of Lubomir Visnovsky signaled the Finnish blueliner wouldn’t be an Oiler much longer.

It’s a trade that on paper should address the needs of both clubs. The Hurricanes were seeking a top-two puckmoving defenseman and the Oilers were in the market for a top six forward.

The Hurricanes have to re-sign Pitkanen and he’s reportedly seeking nearly $5 million per season, while Cole has another season remaining on his current contract at $4 million.

In June of 2006, the Carolina Hurricanes were on top of the hockey world.

Predicted at the start of the 2005-06 season to miss the playoffs, the Hurricanes were among the top teams in the Eastern Conference by season’s end.

In the 2006 playoffs, the Hurricanes – led by rookie goalie Cam Ward, the emergence of star forward Eric Staal, and gritty team captain Rod Brind’amour – shocked the hockey world by winning the Stanley Cup.

This season, however, the ‘Canes have crashed hard back to earth.

They’ve struggled throughout this season, and at present find themselves barely clinging to one of the final playoff berths in the East, and are in danger of missing the playoffs.

Should that occur, it’ll be the first time since 1996 that a defending Stanley Cup champion misses the post-season, and only the third time since 1970.

What has gone so wrong with the Hurricanes this season?

Overall, the team has not played with the same level of intensity it had throughout all of last season and the playoffs. The drive that was clearly evident in 2005-06 is not there in 2006-07.

The blame will automatically fall upon head coach Peter Laviolette, and he deserves his share, but he’s not the only one to blame. This is a team problem, which extends beyond the coach.

First off, Cam Ward has not played anywhere near the form that won him the Conn Smythe trophy as the 2006 playoff MVP. His won-loss record (as of this writing) is a respectable 26-17-6, but his 2.88 GAA and his .899 save percentage leave something to be desire.

Put simply, if Ward had played last spring the way he’s played this season, the Hurricanes wouldn’t have made it to the Finals, let alone win the Cup.

Defensively, the Hurricanes have been an average bunch this season. Although lacking in star talent on their blueline last season, their overall defensive game was good enough to help them reach for the Cup.

This season, injuries gutted the ‘Canes blueline corps, losing veterans like Frantisek Kaberle and Bret Hedican for significant periods of time. The loss of shot blocker Aaron Ward to free agency left a gap that wasn’t filled.

Up front, Eric Staal is well off last season’s offensive pace. Having notched 100 points in 82 games last season, Staal is on pace for 75 points this season, a considerable drop-off.

Forward Erik Cole made a successful and inspiring return from a serious neck injury last season, and was roughly on the same scoring pace as last season until a hip injury sidelined him in February.

Winger Cory Stillman missed most of the season due to off-season surgery, and his offensive contributions were sorely missed.

Winger Justin Williams, who had 76 points in 82 games last season, may not even reach the 70 point mark this season.

The absence of last season’s playoff run additions, Mark Recchi and Doug Weight, also have to be considered a factor. Another could be the loss of Matt Cullen to free agency. Those may not seem like significant losses, but their leadership and experience certain played a role in the team’s success last season.

Except for team captain Brind’amour and veteran winger Ray Whitney, most of the Hurricanes best players have not played as their best players this season.

With time winding down on the 2006-07 season and their playoff hopes in jeopardy, their best players must play as such if they’re to even make the playoffs and commence defending their title.