For once, the Toronto Maple Leafs have something that they haven’t had in about a decade: salary cap space.
There’s just one big problem: there’s no one left to spend it on.
Fresh off winning a Stanley Cup, Sam Bennett, Brad Marchand and Aaron Ekblad all decided to re-sign with the Florida Panthers. Brock Boeser re-signed with Vancouver. Patrick Kane re-signed with Detroit. And pretty much everyone from Mikael Granlund and Brandon Tanev to Corey Perry and Vladislav Gavrikov were quickly taken off board once the free agency period began.
And so, instead of going on a guilt-free shopping spree on July 1, the Leafs took their $12 million in savings and went to the dollar store and bought a bunch of cheaper items.
They got third-line center Nicolas Roy from Vegas for the rights to Marner. They traded a conditional third-round draft pick to Utah for left winger Matias Maccelli. And they signed Michael Pezzetta, Benoit-Olivier Groulx and Travis Boyd each for less than $1 million each.
Maybe there's more to come. But anyone who tells you this lineup is not significantly worse today than the one that was booed off the ice after losing in Game 7 to the Florida Panthers is lying.
It’s worse. It’s much, much worse.
And it looks like it’s not getting any better.
Leafs GM Brad Treliving said don’t judge the team on July 1, because the season doesn't start on July 2. But what’s going to magically happen between now and the actual start of the season in October? Barring a trade, who is left?
But, but, but who’s left? https://t.co/iELXg3oeo0
— Michael Traikos (@Michael_Traikos) July 2, 2025
As of July 2, Nikolaj Ehlers was suddenly the top name on the board. However, if you didn't like how Marner performed in the playoffs, chances are you're not going to be happy with Ehlers, who has nine playoff goals in his 10-year NHL career. Worse, the Leafs won't be the only one bidding on his services.
"If you're looking for a top-six forward there wasn't a long list of them," Treliving told reporters on July 1. "If you're one of those teams that has a top six forward and you're not going to sign your own guy, you're looking at the same list. So, it really steers you to a point where the anticipation was a lot of those guys were going to sign back with their teams, which ended up happening.”
So what happens next? What happens if this is it?
Say what you want about Marner’s lack of post-season success, but he was a 100-point right winger last season. The Leafs replaced him with Roy and Maccelli, who combined for 23 goals and 49 points. No one thought you’d be able to find another player who could match Marner’s production. After all, there are few in the NHL who can do what he does, whether it’s from a playmaking or a penalty-killing perspective.
NHL Free Agency Frenzy 2025: Live Tracker And AnalysisWelcome to the NHL Free Agency Frenzy of 2025.
Still, there was a sense the Leafs would improve their DNA by signing a combination of players who could provide the team with some level of grit, size and other intangibles.
That really hasn’t happened. And if it doesn’t, there is a real sense that the Leafs could take a step backward next season.
Maybe they aren’t in danger of missing the playoffs. But in a division where Florida retained all their core pieces, Tampa Bay didn’t lose anyone of significance and Ottawa, Montreal and Detroit all got better, Toronto is no longer a lock to finish first again.
By the looks of it, they might not be a top-three team — much less a Stanley Cup contender (not that they every really were).
Not unless Treliving can end up with Ehlers or swing a significant trade and end up with some pieces that will make fans forget about losing Marner.