Let's put aside for the moment losing three inexpensive assets to acquire Ellis. Next year Ellis has to be re-signed, which is probably going to cost an additional $3M. That is offset by Hainsey's presumed retirement, so no harm there. You've still got to sign or promote a 23rd player to fill out the roster, so you'll have about $5M in cap room left plus what I think is the $1.5M you're overpaying Nylander. Next year Toronto will be able to take advantage of the LTIR for Horton's $5.3M, so you'll have roughly $11.8M plus whatever the increase in the cap ceiling is (let's say another $1.5M). So with $13.3M, you have to re-up Matthews (likely an additional $10M beyond what he's getting now), Marner (at least $5.5M), Johnsson ($1M), Kapanen ($1M), and Gardiner and Carrick. Assume you don't sign those last two but replace them with less expensive alternatives. You'll still have to sign or promote 7 more players (let's say $6.3M total). That's a $23.8M barrel out of a $13.3M pot. My figures would have to be off $5M EACH WAY for your scheme to work. Bottom line: I'm afraid Toronto just can't afford Ellis.

Add now try to win the cup this year and when you need space u can always try to trade marleau, etc to make space to resign. Or trade Zaitsev/Gardiner for cheaper options

agree with oldnyifan that the leafs can't afford ellis without trading another big salary. but the leafs wouldn't due that trade. giving away three assets including their top prospect, for a one year rental isn't going to happen.

You can't trade Marleau. Period. And as my recitation above illustrates, adding Ellis now essentially means you'd have to trade BOTH Gardiner (whom you'd have to re-sign first) and Zaitsev to come anywhere close to the cap.