The final details of the Maple Leafs’ ground-shaking trade and contract extension for Kirill Marchenko are now known:
TML–CBJ trade
| Toronto receives | Columbus receives |
|---|---|
|
|
Marchenko extension: Six years, $75 million ($12.5 million average annual value).
- As much as the Leafs’ logic for this deal is sound — they got the better player: a first-line play driver and near-point-per-game player who also shoots right — you can’t help but feel crushed for Matthew Knies, a very good young player who has wholly embraced the city and signed a relatively team-friendly deal with the stated intent to be a Leaf for life. He never wavered in that, even as he saw his name bandied about in trade rumours for months and was awkwardly asked about it dozens of times Right on the eve of the new season, after a team-bonding trip to his hometown, only adds to the sting. Business is business, but saying goodbye understandably hurts for many Leafs fans. Best of luck in Columbus to Knies.
- In a bit of a surprise, the Leafs flipped recent acquisition Emil Andrae as part of the trade. He was slated to be the youngest defenseman on the team, but you can’t hold up trading for a first-line star because of a depth defenseman. Nick Blankenburg has now joined the team, adding another undersized puck-moving defenseman to the group, plus Blankenburg is a right-shot. The Leafs ideally would’ve kept Andrae around, but Stecher and Blankenburg are already on the depth chart and there are three established left-shot defensemen ahead of him, so this was never going to be a deal breaker.
- Like Steven Lorentz, Miles Wood was placed on waivers and went unclaimed. He’s not the player he once was in New Jersey, but he is still an excellent skater and can take a shift in the league. Still, he has three years left on his deal at $2.5 million per season. It’s not a throwaway contract to take on. It’s a notable contract to eat, compared to the partly-retained Elvis Merzlinkins, who will go on LTIR (which the Leafs are already utilizing on Max Domi’s contract).
- Giving up the second-round pick in 2027 in the deal is also notable for a team that has already moved two future first-rounders, although the Leafs did at least own two seconds in 2027 already, and of course, they ended up drafting 10 times in 2026, including six times in the first three rounds. That helps lessen the blow to the draft capital, and Marchenko is a core-level player who is still on the right side of the age curve (just turned 26).
- One of the few clues we’ve gotten from head coach Jim Hiller about his idea of an identity for his Leafs team is that of a “skating” club. Marchenko scores in the 90+ percentiles in the speed metrics; Wood can wheel (if nothing else at this point in his career). They’re certainly a faster team, and a more dynamic one at the top of the lineup now. Marchenko’s history of dominating his five-on-five minutes, with a variety of linemates and on some bad Columbus teams to boot, is really impressive. Knies may yet prove he can do it (he’s two years younger), but he hasn’t yet shown he can drive a line on his own, away from Matthews.
Centerpiece of the deal for Leafs is Marchenko. Few forwards have his blend of size, elite speed and shot. One of the more dangerous rush players in the league and effective puck mover. Good puck recovery as well. https://t.co/hFW2vcPql6 pic.twitter.com/6uQDoYmE4J
— Mike Kelly (@MikeKellyNHL) September 28, 2026
- The final terms of the contract are 6×12.5 million AAV for Marchenko, which is just under five million more than Knies, but we’re in a different cap world now with some more huge jumps in the cap ceiling to come in the near future (a $13 million increase in 2028-29 will take it to $127.5 million as of the second year of this new Marchenko contract). Direct comparables are a tough exercise in a rapidly shifting financial landscape, but in a world where franchise centers and defensemen can command $18+ million, $12.5 million for a top-line winger with Marchenko’s five-on-five impact through his age 27-32 seasons seems about fair. It can’t be forgotten that the Leafs are buying this level of production for just $3.85 million for one more full season, too.
- Here is the cap maneuvering to come for the Leafs:
After the trade, #Leafs are projected $3.94M over cap. They can submit their roster with Merzlikins on regular LTIR & capture LTIR within $37K of optimal.
To add more space, they can subsequently add Domi to LTIR ($3.75M) & potentially convert Merzlikins to Season Ending LTIR… https://t.co/UjODDnvmZD pic.twitter.com/qCSGGbr5aO
— PuckPedia (@PuckPedia) September 28, 2026
- If nothing else…
last year's Leafs team was, from a watchability standpoint, one of the worst teams I've ever seen. Adding Marchenko and McKenna and firing Berube is one of the biggest 180º switches in watchability imaginable
— Alex Drain (@AlexDrain_NHL) September 28, 2026
