Not a chance Winnipeg accepts Zucker in return.

Why not? he's an expiring contract? This moves creates 8.25 in cap space for next seasons and just under 2 mill this season (with the addition of POJ)
Unless you think its better for the jets to hold on to him for the deadline this year, the summer or deadline next year
I think moving on from the captain is good for this team

It doesn't though. It clears a little under $8.0 mil the year after next, but next year only clears $1.9 mil next year. The difference being Zucker is useless and Joseph isn't needed, while Wheeler is still very good.

This trade sticks the Jets with $6.3 mil of dead cap next year and they have no one to replace Wheeler's production next year or the year after and wouldn't be able to afford to find a replacement.

How does this stick the Jets with 6.3M dead cap next year? Zucker is UFA after this year. Jets save $2.75M this year and clear $8.25M next

Horrible return for a still very productive player in Wheeler. Useless (as in there's no room) LD and a cap dump? Thats practically nothing. Keep Wheeler, control his minutes and if WPG goes nowhere this season, then trade him at the deadline for a much better return. Prospects and/or picks are much better than nothing.

I'm counting Joseph, since he isn't needed, as dead cap and I did note the cap savings.

Keeping Wheeler and his production is a far better play than taking back useless cap.

Wheeler is productive, but he's only getting older and seems to be a problem in the locker room (if you believe rumours about it). Moving him is addition by subtraction. Maybe this return isn't what the jets want, but moving him opens up room for younger players and well as a new voice in the locker room. I get that this deal isnt the same value wise, but it might be the best move for the franchise

It's really hard to say how much it benefits the Jets. If the Jets are retaining this much on Wheeler, they should be getting back positive assets. $5.0mil for a close to PPG winger is a pretty good deal.

So, here the Jets save about $2.0 mil next year and are stuck with a useless forward and a defenseman they don't need. Plus they still have to go out and spend another $3 to 5 mil to replace Wheeler with a player that will be lucky to produce a third of what Wheeler does. Resulting in the Jets paying a mil or two more all together next year for about 30 points as opposed to about 80. Or stick with Zucker replacing Wheeler and save the 2 mil and do with 20 points as opposed to 80. Neither sound appetizing to me.

So, while "addition by subtraction" is a nice catch phrase, it's just not practical in reality.