If Phaneuf were traded I'd expect a Luongo-type return, which is not much. No one wants that contract.
I think he can still get an asset or two in return, especially if there are multiple interested teams. I don't remember by whom (McKenzie?), but it was said that there are a few Western Conference teams who have shown serious interest.His value was probably highest pre-extension, though. I'm not expecting anything more than a late 1st/high 2nd or a B prospect at this point.