Let me preface this by saying that I still do not believe that such a trade is possible. Parise is a player that Lou will keep a Devil at all costs. If he did trade him, he would be very unlikely to trade him within the division. If he was willing to trade him to the Islanders, Parise would be unlikely to sign here.
With all those caveats thrown in, this is what I think such a deal would look like. The Islanders and the Devils would almost certainly have the top two picks in the 2011 NHL Entry Draft. A pick of that value should easily be worth two mid to late first round picks that would be the norm in such deals.
The deal would send our number one or number two overall pick, promising young forward Michael Grabner and blue chip goaltender prospect Mikko Koskinnen, and the Islanders 2012 second round pick to the Devils. The deal is conditioned on Parise signing with the Islanders. He signs a seven year, $52.5 million deal with the Islanders.
Among other things, this would really turn the page on the Milbury era. If as we all suspect, Comeau and Gervais are not re-signed and, perhaps, Frans is traded, DP would be the sole surviving legacy of the era. Parise's signing would put a period on that by undoing one of Milbury's greatest blunders.
With Parise on board, the Islanders would be able to put up a top line of Parise--John Tavares--Kyle Okposo followed by Matt Moulson--Josh Bailey--Nino Niederreiter. If Kirill Kabanov got his act together and Kirill Petrov came over, the Islanders could add a third line of Kabanov--Ullstrom--Petrov backed up by Matt Martin--Zenon Konopka--Jesse Joensuu. Now that's what I call firepower!!!
Back that up with a defense built around Mark Streit, Travis Hamonic, Calvin De Haan, and Andy MacDonald and add Kevin Poulin and Anders Nilsson between the pipes, and you have the makings of a Cup champion. Who knows, maybe it will happen.