Projected deadline day cap space: $144,166
Contracts: 48/50
Cap space committed to 2024-25: $65.6 million (committed to 12 players)
Draft picks
NEEDS
Brad Treliving suggests that Thursday’s necessary but unspectacular trade for workmanlike right defenceman Ilya Lyubushkin was simply a deadline appetizer, an amuse-“Boosh” if you will.
“There are areas we still need to address,” the Toronto Leafs general manager said Friday, following his first in-season acquisition. “Will we be able to address them all by the deadline? No. That’s just the reality. And not every team will. But is there a way that we can help ourselves between now and next Friday? That’s what we are going to try to do.”
By paying a little extra to Anaheim and third-party Carolina to double-retain Lyubushkin’s salary, the burly Russian’s tiny cap hit on Toronto’s ledger ($687,500) opens flexibility to fill another hole or two.
“We are going to try to be creative and see where we can help ourselves,” Treliving said.
While coy about ranking his positions of need, the Maple Leafs could absolutely benefit from a legitimate top-four defenceman, preferably another righty, who can drive play. That’s what the forgotten John Klingberg was intended to be for them season, and he hasn’t skated since Remembrance Day, remember?
Toronto could also benefit from a true middle-six centreman who is defensively responsible, kills penalties, and wins draws. The Leafs’ penalty kill has dropped to 22nd leaguewide (77.7 per cent) and needs help. No Eastern Conference team in playoff position has a worse PK.
Max Domi has been an excellent playmaker and a heart-and-soul Leaf during this one-year rental. What he’s not is trusted by coach Sheldon Keefe to start in the D-zone (61.4 per cent O-zone starts) and shut down tough opponents’ top lines.
While easier said than done, Treliving would be wise to address his needs by recruiting players with term on their contracts. That’s because the exec will be facing the same needs in 2024-25.
POTENTIAL TARGETS
“You can never have too many defencemen,” Treliving stated. “You just can’t, if you want to get to where you want to get to.”
That means exploring the idea of adding top rental Noah Hanifin, who has been linked to Toronto’s archrivals, Tampa Bay and Boston, and may not prefer to sign long-term in Canada.
It means speaking with willing seller Danny Briere in Philadelphia about his blueline duo of Nick Seeler and Sean Walker, and struggling Seattle about the potential of prying away a Will Borgen or Adam Larsson (though Ron Francis is reluctant to part with defenders with term).
More names on D: David Savard, Nick Jensen, Zach Bogosian, Joel Edmundson, Matt Dumba and Colton Parayko.
Treliving says he’s willing to upgrade at every position.
So even though the Leafs are one of the most dangerous offensive teams, why not gauge the price of Adam Henrique and Frank Vatrano? Jordan Eberle and Scott Laughton? How about Mikael Granlund in San Jose? The two-way pivot kills penalties and has another year on his deal at $5 million. This, of course, would be a more major move.
It would also take some spending to snag an established centre with term — take Boone Jenner from Columbus, for example — but there’s little doubt he makes the Leafs immediately more prepared for the post-season.
More affordable and defensive options up the middle are Alexander Wennberg in Seattle and Nic Dowd in Washington.
ASSETS TO TRADE
• 2024 first-round pick: This is the biggest chip Treliving is believed to be willing to play.
What makes Toronto’s first more precious than most is that the all-in-every-deadline Maple Leafs have already spent their 2025 first-rounder, their next three second-rounders, plus their third-rounders in ’24 and ’25, and a fourth in ’25.
Treliving didn’t spend his first on Chris Tanev, Elias Lindholm, or Sean Monahan — some high-priced rentals who could’ve helped but landed elsewhere — but the GM says he won’t rule out shedding it by Friday. Even for a rental.
“In the right deal — with where our team is at — you want to help the team,” Treliving said. “You have to be careful with first-round picks for short-term help, but if it makes sense — at the end of the day, when you do the final analysis, if you think it is going to have an impact — you have to look at every option.”
• Islanders’ 2024 third-round pick: The Leafs spent their 2025 third on Lyubushkin but held back on this choice (acquired in the Pierre Engvall deal), which should be slightly more valuable considering the Isles are in tough to make the dance.
• Easton Cowan: Toronto’s 2023 first-round pick is lighting the OHL on fire for the London Knights. Treliving doesn’t want to move his most exciting prospect, but teams will ask.
• Fraser Minten: Minten made the cut out of camp and, like Cowan, is a near-untouchable. Toronto’s cupboards aren’t exactly overflowing with smart checking centre prospects. But in the unlikelihood of a blockbuster to help now, Minten would be the ask.
• Young roster player: Eventually, Treliving will need to commit to RFAs Nick Robertson and Timothy Liljegren, who are coming into their mid-20s and have had inconsistent campaigns. Certainly, there is no pressure to cut bait this week, and there is hope these homegrown talents’ best hockey lies ahead. Still, they will be due raises. Do the Leafs trust they should be in their long-term plans?
OTHER CONSIDERATIONS
• Though the Leafs are maxed out on roster slots, Treliving is concerned about placing Martin Jones on waivers for fear of losing the affordable third-stringer to a team like Philadelphia.
“We have three goaltenders right now. I think we are going to stay at three for today, but we will see what tomorrow brings,” Treliving said, cryptically.
• Although Toronto’s available cap space appears minimal, the team can create more by waiving extra skaters such as William Lagesson, Noah Gregor and Conor Timmins. Placing Mark Giordano on LTIR is also an option.