Mike Ivall finally decided to send in his REAL Original Six: Detroit Red Wings Rebranding Competition design and it definitely hits the mark on what we are looking to accomplish in this contest. A rebrand, rather than an update.
Gone is the winged-wheel, but carried over from the original is the red wing. With that, I'm not sure why the name was changed from "Red Wings" to "Pegasus"... Seems to me that "Red Wings" would work perfectly fine with this concept. It would represent Detroit more if the emphasis was on the auto industry, because you have a nice tie-in with the horse/horse-power imagery.
All in all, this is a clean and strong logo.
Keep in mind, this competition is just to push designers to think differently. We're not here to replace the existing Red Wings logo with any of these concepts. So, having said that, when you're approaching your rebrand, perhaps move completely away from RED and WING. I'm guilty of this, too. I'm trying to re-invent the wheel (pun intended), when I have free reign in this competition! So, I'm scrapping my design and will be thinking outside the box. No red, no wing, no wheel. Maybe I'll post my unfinished (and now scrapped) design over on the PuckDrawn forums.