Yeah, him cutting weight to increase his speed is the only way he bounces back. He's generally been one of the strongest players in the league, but without the skating ability to actually get to the battles there isn't any point to all that mass. Even if he's outmuscled in half the battles, as pathetic as that would be, that's better than never getting there and letting some one skate off with the puck undefended.
As for making the Hall of Fame, unlikely. Maybe if they weigh the intangibles for sportsmanship and character for him under the player category. At best I can see him transitioning into the front office later and maybe eventually, once the franchise is more stabilized, maybe he gets brought up for vote under the builder category. That's open to owners, management, commentators, and whatever else really so long as it's justifiable. You could say he really pushed the team through its darkest hours and never gave up on it, but it's still a long shot and the team would have to come out of all of this.
