Really? Huge overpayment by Toronto. 2nd and Timashov or 3rd and Bracco would be fine.

Except that the draft pick is in 2021, not this year. I can see his thinking: I need an extra element to balance out the delay for the pick, and I need to put Ceci in there for cap reasons, so I need an extra element to balance out that, too. He's overcompensating, but not hugely. Take out Kivihalme.

Cap dumping Ceci shouldn't warrant adding Bracco to the trade. His contract expires at the end of the season. All the Leafs have to do is keep one of Reilly or Muzzin on LTIR until the playoffs start and they won't have any cap issues, even if they keep Ceci and add Martinez at 50% retention.

If the draft pick being a year later is that huge of a deal, I imagine Toronto would rather just include this year's pick than throw away one of their best forward prospects.

All true. But if you go along with his premise that Ceci should be in there, you can see what he was going for. The fact that the right value is the one you set out doesn't change the fact that he's making a rational effort to add Ceci and then compensate. He just went a little too far.

Fair enough. A for effort.

Massive overpay