"We're going to rate our players, we're going to discuss our young players, we're going to look at options," Holland told the newspaper.
With the free agent market set to open July 1, the Red Wings will know whether or not captain Nicklas Lidstrom and forward Tomas Holmstrom will be returning or not. Both continue to contemplate retirement.
According to the Free Press, they'll also know, by then, if defenseman Brad Stuart is interested in re-signing with the team, or testing the waters. It has been widely speculated that he wants to play closer to his family in San Jose.
Forward Jiri Hudler, an unrestricted free agent, isn't expected to be brought back.
"We have to discuss what we want to pay people," Holland said. "We'll have an internal salary cap number that we think will give us the best options. If that goes higher or lower, we'll adjust."
Holland has a significant amount of cap space to play with, and it appears Nashville Predators defenseman Ryan Suter is No. 1 on their wish list.
Suter, who can become a UFA this summer, could re-sign with the Predators, or the team could look to trade his negotiating rights prior to July 1. Several teams will have interest in Suter, including the Philadelphia Flyers and Montreal Canadiens, should he hit the open market.
The Wings could also pursue the likes of Zach Parise and Alexander Semin, who can also become UFAs.
"We're going to discuss our players and go over all the names we think will be available on July 1," Holland said.