The Wings also have three restricted free agents -- Brendan Smith, Gustav Nyquist and Joakim Andersson -- to sign.
With roughly $3 million in salary cap space, Holland is going to have to make at least one trade to help shed some salary from the roster.
Holland has been in talks with several teams and has openly admitted that he's more than willing to complete a two-for-one, three-for-one, or three-for-two type of deal. He just needs to find the right trading partner.
The Red Wings cleared some space earlier in the week when they bought out defenseman Carlo Colaiacovo. The club wanted to buy out forward Mikael Samuelsson, but his injury issues prevented that from happening.