According to CapFriendly, the Leafs are over the salary cap by $2.94M with a 23-man roster. If they were to demote a couple of players and roll with a 21-man roster, it still wouldn't account for enough to make the team cap compliant, so I do still believe that we have at least one more move coming. What that move is, I'm not so sure. We could yet see someone like
Calle Jarnkrok and his $2.1M salary moved, but such a move might not occur until the Leafs get a good, long look at their roster at training camp. They'll want to make sure that at least one of their young pieces or a Marlies graduate appears to be able to take that next step before moving a valued, versatile veteran like Jarnkrok.