If you are willing to switch Johnsson with Kapanen I think the Leafs take that, even though it is an overpayment

To trade Ellis along with Smith and not get someone represents an upgrade over Smith on the 2nd line would be a pretty major fail.

Though if you get Jarnkrok you can trade Kadri as well

Nah, He'd be a winger in Toronto (or maybe the 4C)

Fair. Though him as the 4C would be better. since he has 3 years left, similar to Kadri.

Though in this deal Leafs would still have to trade Brown for a pick/prospect to get under the cap.

But I don't hate it provided there's zero retention on Zaitsev.

Brown has played his last game as a Leaf. Its too bad we need to move the home town boy but Kappy has passed him on the depth chart and Brown make too much to play on the 4th line (Islanders fans like "What?")