The elimination of the Detroit Red Wings in five games from the Western Conference semifinal by the San Jose Sharks appears to close another chapter in the Wings nearly two-decade reign amongst the NHL's elite franchises. 

It would be a mistake however to assume the Wings however are headed for a lengthy period of decline. 

Detroit general manager Ken Holland admitted last summer this season would be one of transition.

It was also made considerably more difficult given the unusually high number of injuries their roster suffered this season, and was a testament to their considerable depth they remained in playoff contention in the first half of the season, then stormed up the standings in the second half as they got healthier. 

I'll have more on why one shouldn't assume the Red Wings aren't a dominant team anymore on my website. For now, let's focus instead on what Holland faces this summer. 

The Wings currently have over $43.6 million tied up in 14 players for next season, the bulk of which is invested in their core players. 

Forwards Pavel Datsyuk, Henrik Zetterberg, Johan Franzen, Valtteri Filppula and Dan Cleary are all 31 or younger, still in the their prime, and signed through next season. 

Defensemen Brian Rafalski, Nik Kronwall, Brad Stuart and Jonathan Ericsson are also signed for next season, as are goalies Jimmy Howard and Chris Osgood. 

A welcome addition for next season will be Jiri Hudler, who returns from a year in the KHL and will begin his two-year arbitration awarded contract.

He'll provide a valuable boost to the Wings offensive depth, saving Holland from having to shop around this summer to address that need. 

The big question heading into the off-season is whether or not team captain Nicklas Lidstrom returns for another season. 

Speculation has been rampant Lidstrom, 40 and an unrestricted free agent, could retire if he no longer feels capable of playing at an elite level anymore.

While he didn't earn a Norris trophy nomination this season, Lidstrom's stats - 49 points and +22 in 82 games this season - suggest he still has at least another quality season left in him. 

If he does return however he'll have to accept a pay cut. Lidstrom earned $7.5 million this past season but if he seeks the same money it could significantly hamper management's efforts to bolster their roster. He might have to accept between $5-$6 million for next season. 

Don't expect Lidstrom to test the UFA market; he's played for the Red Wings his entire career and has no interest in playing anywhere else in the NHL.

It's expected UFA forward Tomas Holmstrom will be re-signed, perhaps to a two-year deal, and Holland has expressed interest in bringing back forward Todd Bertuzzi, who earned $1.5 million this season.

Bertuzzi might seek a marginal raise but it could be workable, as it's believed he wants to stay with the Wings.

UFAs Jason Williams, Andreas Lilja, Brett Lebda, and Kirk Maltby aren't expected to be re-signed. Maltby reportedly could retire and perhaps accept a off-ice position with the Wings.

Notable restricted free agents include Justin Abdelkader, Darren Helm, Patrick Eaves, Drew Miller and Derek Meech. It's believed most, if not all, will be re-signed.

If Lidstrom doesn't return it'll leave a big hole on the Wings defense corps. It would be impossible to replace the greatest defenseman of this generation, but if Lidstrom retires finding one or two puck-moving veteran blueliners will obviously become Holland's priority. 

Holland will have roughly $13 million in cap space to work with. Just re-signing Lidstrom could eat into almost half of that. 

Without Lidstrom, Holland would obviously have more space, but not enough to pursue expensive talent in this summer's UFA market. 

That doesn't mean Holland wouldn't see what's available at an affordable price. He could also consider perhaps a trade, though he's probably unwilling to part with too many of his young players. 

The Red Wings still have enough depth to be a dangerous hockey team next season, although they're no longer to be considered serious Stanley Cup contenders in 2011. 

Their transition period will likely continue through next season, perhaps even into 2011-12. 

Don't however assume the Red Wings glory days are behind them and they're going to fade away into mediocrity. 

As we've seen over the past two decades, Red Wings management has been capable of building and maintaining a contender via drafting well, making shrewd trades and free agent signings.

They've gone through a few transitions seasons in the past, only to emerge each time with Cup contending rosters.

I don't see any reason not to expect a similar outcome from their current retooling period.