Simmonds has eight goals and 16 assists through 61 games this season. This is the second straight year in which he was moved ahead of the trade deadline after the Philadelphia Flyers sent him to the Nashville Predators.
The Athletic's Pierre LeBrun noted the Devils are on the hook for half of Simmonds' $5 million salary-cap hit for 2019-20. The 31-year-old is an unrestricted free agent in the offseason.
Buffalo is trying to make a playoff push in the stretch run. Simmonds is unlikely to significantly improve the Sabres' postseason odds, though.
The team is eight points off the second wild-card spot in the Eastern Conference and six points behind the third-place Toronto Maple Leafs in the Atlantic Division.
Acquiring Simmonds didn't come at a significant cost to the Sabres, though, and he's an upgrade for their attacking unit. The right wing's point total ranks fifth among Buffalo's forwards.
Still, the Sabres may have little to show from the move should Simmonds move on in the offseason since getting into the playoffs is far from a guarantee.
Should Buffalo make a deep postseason run, general manager Jason Botterill will have the last laugh.