As it turns out, Dion Phaneuf's tenure with the Colorado Avalanche lasted less than a season.

The 35-year-old star defenceman was traded to the New York Islanders earlier this week, along with AHL forward Carl Gunnarsson and a fourth-round pick, for defenceman Duncan Siemens, winger Nolan Foote and a first-round pick.

Phaneuf had been acquired from the Edmonton Oilers in the summer as the Avs beefed up their team, but the 2020-21 season hasn't played out as hoped.

"I think it's clear at this point we misjudged the talent on our roster," said Avalanche GM Josh Lewis. "Our strong play toward the end of last year had us optimistic we could be a playoff team with a few additions. But we haven't been anywhere near the playoff picture this year. We had to decide whether to re-sign Dion at a slight raise or trade him, and it didn't make sense to commit that much money at his age, given our team's direction."

Phaneuf had seven goals and 25 points in 52 games this season. He will be a UFA this summer but the Islanders have indicated their intention to extend him.

Meanwhile Siemens, 27, is a big addition to Colorado's back end. He's also a free agent in the off-season but the Avs plans to extend him on a long-term deal. The former first-round pick of the Nashville Predators is a devastating hitter who plays a defence-first game. He also has some offensive ability with 20 points in 51 games for the Islanders.

"He's a great skater, provides some leadership and he's durable," the GM said. "There's no drop-off defensively at all from Dion. He'll suit up on the top pair with Kulikov. We hope to have Duncan in the lineup for a long time. We were looking for more of a futures-based return but he's a nice building block."

Foote, 20, was a second-round pick of the Ottawa Senators in 2019, going 32nd overall. He's spent most of his rookie pro season in the AHL, with 14 goals and 29 points in 42 games. He's also played nine NHL games though and he's expected to stay on the Avalanche roster.

"Nolan will probably be a regular on our fourth line for the rest of the season," the GM said. "He's a very well-rounded, responsible player. With our focus on developing prospects in the bottom six, he brings a skill set most of them don't have."

Foote projects as a defensive forward who plays a physical game. He also has a good shot and will contribute some offence.

"He's not going to be a star in the league, but he's a safe bet for a long career."

The draft pick is in this year's draft and it belongs to Ottawa, meaning it will be very late in the first round.

"We're still excited to get that pick though. Judging from the talent we got with our second-rounders last year, we hope to get an impact player in that spot."

Grundstrom, 23, is a grinder whose lack of offensive ability holds him back. He's capable of a fourth line role but probably not on a good team. Originally a third-round pick of the Boston Bruins in 2016, Grundstrom has 13 points in 47 AHL games this season and has also played three games for the Avalanche.