The Maple Leafs’ “Core 4” debate is back, and this time the conversation has a new trigger: a wave of huge extensions for some of the NHL’s youngest stars.
TSN 1050’s Matthew Cauz has argued that COVID “killed the Maple Leafs more than almost any other team…”, and the point lands because Toronto’s big-money era was built on a very specific assumption - that the salary cap would keep rising. Mitch Marner, Auston Matthews, William Nylander, and John Tavares were all signed with that future in mind. Instead, the pandemic arrived, revenue dropped, and the cap sat frozen at $81.5 million from 2019 through 2022.
That shift changed everything. Deals that were supposed to look more manageable over time ended up taking a larger and larger bite out of the cap.
Once Tavares’ $11 million hit was added in, Toronto had almost no flexibility left. Zach Hyman was too expensive to keep, Patrick Marleau’s contract had to be moved to clear space, and the kind of depth pieces that could have rounded out the roster were never really realistic.
The Leafs were not the only team dealing with a flat cap, and none of this is brand-new. But Toronto did make a particularly aggressive bet by locking in all three of its stars at numbers tied closely to their production at the time, with very little cushion if the environment changed.
That’s why this summer’s contract surge is drawing attention. Leo Carlsson, Macklin Celebrini, and Connor Bedard have each signed five-year deals at figures that only work if the cap keeps climbing.
Anaheim still needs to get Cutter Gauthier signed, which would leave two young players taking up a massive chunk of the cap with the hope they grow into those contracts as the ceiling rises. In San Jose, Celebrini is set to become the highest-paid player in the NHL, and Will Smith will need a new deal as well.
The question hanging over that situation is simple: can a team function well if two players account for about 25% of its total cap?
That’s the same kind of wager Toronto’s front office made in 2019, only now other teams have a clearer picture of where the cap is projected to go. If the growth keeps up, these contracts will look sharp. If it stalls, the league could be revisiting the same headache Toronto has been living with for years.
Whether COVID was the true culprit or just the easiest explanation for a series of expensive decisions is still up for debate. But the latest round of major extensions makes one thing obvious: the Leafs’ cap squeeze was not just a one-off. It was a warning.
In Other News...
Easton Cowan Is Chasing Something Leafs Fans Have Waited To See
Easton Cowan has already built a rare postseason rsum before even settling into the NHL conversation in Toronto. He won the Memorial Cup with the London Knights in 2025, then added the Calder Cup with the Toronto Marlies in 2026, giving Leafs fans a glimpse of a prospect who has been around winning from the start.
Now there is a chance for something even stranger, and maybe unprecedented, if the Maple Leafs can finish the job in 2027. A Stanley Cup would give Cowan three straight championships in three different seasons, a run that is notable enough on its own and unusual enough that it is not even clear whether anyone has pulled it off before. [Read more 🡒]
Easton Cowan Suddenly Faces A Brutal Leafs Reality
The Maple Leafs spent the offseason piling up forward depth, and it has already made the picture around Easton Cowan a lot less straightforward. Toronto brought in Nick Paul, Colton Sissons, Brandon Duhaime and Teddy Blueger, then added Gavin McKenna in the draft, all while Jack Roslovic is projected to fit into a top-six role. For a young winger trying to force his way into the mix, that kind of added competition changes the math quickly.
Cowan still has a path, but it may hinge on what he does in training camp and how quickly he can show he belongs against a deeper group of NHL options. If the Leafs decide he needs more reps and more confidence before carving out a role, the AHL could be the most realistic next stop. For now, his challenge is less about talent than timing, with Torontos roster leaving very little room to learn on the job. [Read more 🡒]
Maple Leafs Suddenly Look Like A Team Fans Should Fear Again
After missing the playoffs, the Maple Leafs have had a full offseason to rest, reset and reshape the roster for 2026-27. The headlining addition is rookie Gavin McKenna, but Toronto also brought in a group that adds depth and experience in different spots, including Nick Paul, Colton Sissons, Jack Roslovic, Brandon Duhaime, defenseman Darren Raddysh and goaltender Sergei Bobrovsky.
It is the kind of broad roster makeover that can change the feel of a team quickly, especially for a club coming off a year that fell short of expectations. On paper, the mix gives Toronto more options up front, more stability on the back end and a new look in goal, which is enough to make the Leafs appear far more dangerous than they did a season ago, even if the real answer still has to wait for the games to start. [Read more 🡒]