Deploying a honeypot is not unlike adding a painted door or a fake safe to a bank vault.
It does not deter anybody (its purpose is not to be detected as a honeypot). Possibly someone misspelled detect.
It can reduce (somewhat) the time spent by attackers against the real door. Not by much.
More than that, it can be optimized for data gathering (simplistically, you know nobody is going to ever use the services on the honeypot, so you can tune them all to "log everything high volume paranoid dump dump dump". Service efficiency goes to hell, but as soon as someone attempts anything you need guess nothing. The "safe" is all alarms, and no bullion.
Even more, you can correlate what is happening on the honeypot with what is going on in the rest of the network. The honeypot will tell you what's behind what the other machines report as unusual but random "noise".
Finally, the honeypot can apparently allow an attack to succeed, so that you can gather yet more data. Example: the attacker wins a root shell on the honeypot. He proceeds to download more sophisticated tools. Now you have, at the very least, a copy of those tools as well as an idea of where he downloaded them from.
(If you have time you can crash the connection in a not-too-suspicious way and let him reconnect later after having added suitable instrumentation to his tools, that are now his no longer).
You can determine whether he's just a script kid looking for some warez bouncing, or someone who actively targeted your network. Even by avoiding the honeypot he will tell you something that's worth knowing.
But pretty much nothing of the above comes for free; nor will it work by itself. You need someone continuously managing (normally at a very low level, but continuously and always ready to escalate) the honeypot. The honeypot has to be maintained and updated, just as much (possibly much more) than the other boxes.
You have to decide whether the gain is worth the pain, and whether you can invest in the necessary pain.
Just "adding a honeypot" will do nothing to increase the network security; to the contrary, it will engender a bit of false security, and possibly provide a security breach if the honeypot isn't as well insulated and armored-in as you believed; it might also attract more attention than if it weren't there, if it offers services or vulnerabilities the other machines don't share.