I'm thinking trim, but I'm having a hard time going into sell mode, since they can make the playoffs this season with a few more good bounces than bad. A long-shot playoff run is better than no playoff run at all, both from a revenue standpoint and from a fans standpoint.
Try to get rid of some guys that aren't really in the team's future before their trade value vanishes (i.e. contracts end). Campbell & Paille are obvious here - can even sell low since Caron/Cunningham/Ferlin are viable alternatives. Listen to offers for Lucic, but don't sell low. He's a guy who will require too much cap hit for what he delivers, but can bring a big return. Smith would be another guy you could move, but he might not bring a good enough return to bother.
Under no circumstances should a rental deal be made. Improved playoff team is a "nice to have", but ensuring competitiveness for the next 2 or 3 seasons is more important.