Unlike the NHL trade deadline, general managers normally have plenty of time to sort things out, formulate a game plan and make calculated bids for the free agents they seek to fill holes on their roster. Apparently, the Thrashers' Don Waddell had free agent defenseman Brian Campbell in his sights. Management was said to have committed $60 million over eight years in attempt to woo Campbell to Atlanta. Campbell chose the up-and-coming Chicago Blackhawks instead.

Then, the flag dropped on other free agent defensemen: Wade Redden to the Rangers; Mark Streit to the Islanders; Mike Green re-signed with the Caps; Marek Zidlicky was dealt by Nashville to Minnesota; Michal Rozsival was re-signed by the Rangers; Jeff Finger was signed by the Maple Leafs; Mike Commodore was snapped up by Blue Jackets; Joni Pitkanen was traded by the Oilers to the Hurricanes; and Kurt Sauer was signed by the Coyotes. Every single signing of free agent defensemen yesterday could be characterized thusly: teams overpaid for those players.

But, for Thrashers' fans who expected a lot from management on Day 1 of free agency, Waddell and Co. failed them miserably. They harken back to the promise of Waddell's "five-year plan," which is now approaching year 10. They point at Waddell for being unable to re-sign Marian Hossa during the season, a top-10 winger who plays hard at both ends of the ice. They point at Waddell's failures to sign valuable free agents in the past, settling for the likes of Bobby Holik, Todd White, Steve Rucchin, Chris Herperger and Jaroslav Modry to name a few. They cast aspertions that division rival Tampa Bay is currently trying to improve its roster this off-season and the ink hasn't even dried on the paperwork for the new ownership group to sign.

Quite simply, Job never had the patience that the blindly loyal Thrashers' fans have had with the Waddell regime. That patience wore off with the majority long ago while the minority still clings to hope that something good will happen soon. They've been saying that for a long time now. I believe it was Elvis Presley who once remarked: "The only thing worse than watching a bad movie is being in one." The same can be said for a bad hockey team, and clearly Waddell is in the one he alone created.

One bad day of free agency doesn't mean that Waddell and the Thrashers are out of options to improve their hockey club this summer. While many of the overpriced, highly-sought-after free agents were snapped up on the first day, there are quality hockey players still available. The problem remains that there are other teams — just like Atlanta — that need help as well. Perception in the free agent market is reality, and in my opinion, the perception of the Thrashers is at its lowest ebb since the fall of 2003. The team's best player Ilya Kovalchuk hasn't played with a top center since Marc Savard left for Boston, and when Savard was in Atlanta he wasn't a No. 1 center but was developing into one. Kovalchuk, one of the most gifted goal scorers in the league, has been forced to play with nothing more than adequate pivotmen. Everyone this side of Marietta Street knows that — but the Thrashers can't even buy one. Mats Sundin was offered a two-year deal for $20 million by the Canucks and the likelihood of the splendid Swede showing up in Atlanta is merely laughable. The same can be said about Jaromir Jagr, Pavol Demitra, Peter Forsberg, Joe Sakic or Doug Weight — not that you'd really want those greybeards nor the salaries they would command.

Either Waddell delves into the restricted free agent market to steal a few younger players away from their current teams that won't cost the Thrashers their No. 1 pick in 2009, tries to orchestrate a trade to secure the center and the defenseman the team so sorely needs, or simply settle for a few of the lesser players (re: less expensive) still available. I believe the first option provides the optimal means for acquiring players the Thrashers can build with. To make a trade the Thrashers need a suitable partner or two and those aren't always easy to find. The third option is the easiest way to acquire talent, but value in this free agent marketplace is at the very least — discouraging.

If I had to guess I'd say the Thrashers will still be active in free agency, but not at the grandiose level their suffering fans expected. If I had to guess, I'd say the free agents that make the most fiscal sense and fit into the age group that warrant a long-term deal are the following: Ron Hainsey (27); Ruslan Fedotenko (29); Kristian Huselius (29); Antti Miettinen (27); Brooks Orpik (27); Dmitri Kalinin (27); and Steve Montador (28). Not a real sexy list, but as I said before, other teams also will be interested in those players.

Yesterday was a bad day for the Thrashers and Waddell but the saddest part about it: it could get worse!