I think that come the summer, although the Wings may revisit Phaneuf, he will no longer be at the top of their shopping list.
Phaneuf was the most valuable defender available at the deadline, but I'm not sure that he will be the most valuable available come the off season. Moreover, especially not from the Wings' perspective, as, ideally, they want a right handed defender.
Further compounding the issue is Phaneuf's contract. The Leafs don't want to eat much, if any, of it, and that is a big problem because no team can afford to overpay anyone. And the one thing wrong with Dion is that he is overpaid. So, if anyone is willing to take on his full contract, maybe it will come down to whether the Leafs are willing to accept crap players for him. I don't see how else you do an even trade for a guy, like Dion, who is overpaid, even acknowledging that he is a valuable and talented player who you might like to have. It has to be that the Leafs either eat part of his contract, or accept crap in return for him. Otherwise, I would leave the table.