The Toronto Maple Leafs may not be finished reshaping their roster during a busy NHL offseason.
NHL insider David Pagnotta added fuel to growing trade speculation this week, suggesting the organization is actively exploring multiple deals and could have a significant move in the works.
“As Darren Dreger reported last hour, Toronto has a few irons in the fire and are working the trade lines,” Pagnotta posted on X. “Jake McCabe has generated interest, but he has a full NTC and at this hour has not been asked to waive it. Morgan Rielly & Brandon Carlo are among the Leafs Dmen out there.”
The comments come during a transformative offseason for Toronto. Following a disastrous 32-36-14 season, the club replaced general manager Brad Treliving with John Chayka and hired Jim Hiller as head coach.
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The Leafs also own the first overall pick in the 2026 NHL Draft and have already made several roster moves aimed at rebuilding their defensive structure.
Morgan Rielly and Carlo appear to be key trade Pieces
Speaking on The Leafs Morning Take, Pagnotta clarified which defensemen are most likely to be moved.
“I’m not expecting McCabe or OEL to go anywhere,” Pagnotta said. “It looks like Carlo and Rielly are the two guys. Maybe Phil Myers in a smaller type move.”
That aligns with Toronto’s broader strategy.
Rielly has already submitted a four-team trade list, signaling openness to a change of scenery. NHL analyst Darren Dreger shared that, “Morgan Rielly’s agent J.P Barry has submitted a list of 4 Western based teams Rielly is willing to go to. This will be a team-by-team assessment and depending on the fit, there could be some flexibility to add teams to the list.”
Meanwhile, Carlo’s affordable contract (6-year, $24,600,000 contract with a cap hit of $4,100,000 per season) and defensive reputation could attract strong interest around the league.
Toronto allowed 299 goals last season, ranking near the bottom of the NHL. Chayka’s mandate is clear: improve mobility, puck movement, and overall defensive efficiency.
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Could a bigger move be coming from the Maple Leafs?
The most intriguing part of Pagnotta’s report centered on what he described as growing league-wide expectations.
“It definitely sounds like, talking to people around the league and even now, the Leafs may have something big that’s cooking, whether it happens or not,” Pagnotta said. “And I’m not just saying that for the sake of saying it. There are people around the league that genuinely believe the Leafs have something that’s going to be a ‘holy shit’ type of scenario.
“I wonder if it’s [Connor] Hellebuyck. I don’t see the correlation, but I’m trying to connect it because I honestly don’t know other than what I’m just sharing now.”
Pagnotta admitted uncertainty about the specifics but suggested Toronto’s front office remains aggressive.
“I think it’s going to be a busy four or five days here for the Leafs,” he added. “They’re building off what they’ve done.”
From an NHL roster-building perspective, the speculation makes sense. Chayka has already acquired Darren Raddysh and Emil Andrae while moving out key pieces. Those transactions suggest a front office willing to challenge long-held assumptions.
Pagnotta also pointed toward the organization’s confidence moving forward.
“I think this is going to be, if it goes the way they anticipate, if it goes partially the way they anticipate, a team that’s going to compete for one of the three spots in the Atlantic next season.”
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Whether a blockbuster emerges or not, one thing is becoming increasingly clear: Toronto’s new leadership group is not approaching this offseason conservatively. The Maple Leafs remain one of the league’s most active teams, and further changes appear likely.
