Murray joining Muzzin on LTIR combined with the Blackhawks retaining 20% of Johnson's salary gives the Leafs just under $1 million in space.
Toronto goes from no second-rounders for the next three drafts back to three.
Nylander may be compelled to re-up in Chicago long-term because of Bedard.

And there can certainly be conditions added that could turn one or two of those seconds into firsts.

I dont hate this tbh, but I also don't think any teams are going to try and give Toronto a lifeline. By no means am I saying Nylander is a cap dump, but if teams know that the leafs are desperate to become cap compliant, I think the return will be a lot less than fans are expecting.

The Hawks aren’t in the position to be trading draft capital for a guy who’s going to want big money next year and will be in his 30s by the time the Hawks are ready to compete again. If the Hawks can flip Nylander for a profit at the deadline, then sure. But I don’t see any world where he makes sense for the Hawks long-term.

Leafs aren't doing that.

Trading a 40 goal scorer in his prime is far from a salary dump lol.
Only 12 teams had one or more 40 goal scorers.
There’s 20 teams that would love to have one 40 goal scorer

Calgary will take him. A right shot goal scoring winger, a true sniper, is exactly what Calgary needs most. He has good size with nice skating and passing ability too. Not very gritty but he's not as soft as some claim either he isn't a pushover like so many smaller "skill" players are.

Of course he's worth quite a bit more if he comes with an extension than if he's a rental. If Lindholm stays Calgary should be willing to gamble on rental Willy in the belief a good year playing with Huberdeau and Lindholm would convince him to sign.