Few teams are in as complex a situation as the Vancouver Canucks are heading towards the NHL trade deadline just 20 days away.

Hour by hour, it seems, the Canucks hold on a Western Conference wild card berth seems to be slipping away. Calgary has now passed them. Red-hot Minnesota, which hammered the Canucks Monday night, is just two points back, albeit having played one more game than the Canucks.

Then there’s the reigning champion Los Angeles Kings, three points back with a sense they can’t be declared truly dead until somebody puts a stake in ‘em.

Battered on the back end and suddenly offensively challenged down the middle, the Canucks seem vulnerable indeed as they head into Chicago tonight for a key game at the United Centre against a Blackhawks team that will undoubtedly be revved up after losing on home ice to Arizona two nights ago.

(Watch Canucks vs. Blackhawks Wednesday on Sportsnet at 8 p.m. ET)

The rousing dismantling of Pittsburgh Saturday night already seems a distant memory.

Here’s what makes Vancouver’s situation so tricky.

The decisions of last summer, specifically to bring in goalie Ryan Miller on a three-year contract and to retain the services of veterans such as the Sedin twins, Kevin Bieksa, Alex Burrows and Chris Higgins meant GM Jim Benning’s intention was to take at least one last serious crack at going deep into the post-season, or maybe even at the Stanley Cup itself.

Simultaneously, by trading away Ryan Kesler and adding prospects Jake Virtanen and Jared McCann to a modest but growing prospect list, there was at least a recognition that the 35-year-old Sedins can’t play forever and Vancouver was playing a risky game by not replenishing it’s roster of young talent.

Benning, in other words, was going in two directions at once. These days, folks like to call it retooling on the fly, eschewing a more serious (and painful) rebuilding project in favour of adding young talent while still remaining competitive. Detroit’s been able to do it, at least so far. We’ll see how it all lies when Pavel Datsyuk and Henrik Zetterberg are gone from the scene.

That approach in Toronto, of course, has proved to be a disaster. Ottawa has attempted it and likely won’t make the playoffs again. Maybe Vancouver can pull it off, maybe not.

Right now, however, it raises the question of what should be done prior to the March 2 trade deadline. Here are their choices:

1. Let the chips fall as they may, even if that means missing the post-season again, and draft from whatever position results in what is a very good draft. Add that prospect to Virtanen, McCann, Cole Cassels and Hunter Shinkaruk and the future looks better.

2. Go out and find immediate help in the form of a capable centre and a right-handed shooting D-man. Nick Bonino may or may not play Wednesday after blocking Ryan Suter’s shot the other night, but his production has trailed off badly to the point where it’s unclear whether he can be a viable No. 2 pivot for a playoff charge. No. 3 man Linden Vey isn’t scoring much either, and Bo Horvat is a rookie playing on the fourth line. Shawn Matthias may have to move back to the middle tonight.

Toronto’s slumping Tyler Bozak might help, but that would cost something and present a cap issue. The Leafs might be willing to just move the contract for a modest return, but if they have to take money back, the pick would have to be higher or the prospect better. Same goes for Arizona’s Antoine Vermette, with the added complication he’ll be a UFA in July.

As far as blueliners, with Bieksa still out and Chris Tanev hobbled, there are names like Cody Franson, Tyler Myers, Marc Methot, Mike Green, Johnny Oduya and others being speculated upon. But all would be costly acquisitions.

3. Dump veterans and try to add more prospects and high draft picks. The problem is, with the Sedins very difficult to move as a $14 million per year package, Bieksa hurt and other teams very wary of taking on term with the uncertain salary cap landscape, the Canucks don’t have many options here without useful expiring contracts.

In theory, Dan Hamhuis could fetch something considerable (a first round pick?) with one year left on his deal.

Tricky choices. We’ll see which direction Benning chooses.