The Lightning acquired a first-round pick in this year's draft and minor league defenseman Sebastien Piche after exchanging Downie for Quincey with the Avalanche. Tampa Bay then dealt Quincey to the Red Wings for a first-round pick and Piche.
Quincey was drafted by Detroit in 2003, and played a role as the Red Wings reached the Western Conference finals in 2007. He played in 13 playoff games, helping fill a void left by injured defenseman Mathieu Schneider.
"Obviously a guy who can play a lot of minutes, can play real well, should help on the penalty kill, should help even strength and on the power play," Detroit coach Mike Babcock said. "He's a good player. We're thrilled to have him back."
The Central Division-leading Red Wings have been looking to add defensive depth before the NHL trade deadline on Feb. 27.
Tampa Bay general manager Steve Yzerman, whose team is well outside playoff position as the season heads into its final month and a half, has made a series of trades over the past week.
The Lightning also sent defenseman Pavel Kubina to Philadelphia for a pair of draft picks and a minor leaguer, and obtained a 2012 second-round pick from San Jose for center Dominic Moore and a seventh-round draft pick this year.
"These moves are made to make us better in the future," Yzerman said. "We're excited about the future. These draft picks give us options. They don't help today, no question, but again my goal is to get a Stanley Cup here, and I think we have to do some tough things along the way to do that."
The Lightning have two first-round picks in 2012 along with a maximum of four and a minimum of three selections in the second round.
"We could hang on to some of those picks and still, if a move comes up that a team is looking to move a player, there's a lot of options for us," Yzerman said. "Draft-related or potentially trade-related, we've got some flexibility."
Downie had 12 goals and 28 points, along with a team-high 121 penalty minutes in 55 games for the Lightning this season.
"Our organization believes that Steve Downie will add grit and skill to our lineup offensively," Avalanche general manager Greg Sherman said in statement. "He plays the game with an edge, and we look forward to seeing the immediate and future impact he can bring to our team."
Piche has been assigned to the Florida Everblades of the ECHL. Segal will join Norfolk of the AHL.