The Leafs currently have 47 contracts, which leaves them with 3 slots to fill before reaching the maximum of 50. The Leafs only have $845K in salary cap space, but more can be created by sending someone like
Pontus Holmberg or Nick Robertson down to the Marlies. While Bellows is currently on a PTO with the Marlies, he is still eligible to sign a contract with any other team, and you can bet that if the Leafs don't sign him the second his PTO expires, he will have a number of suitors. Regardless of where Bellows signs, based on the CBA, he would not have to clear waivers before being recalled, which is good news for the Leafs or whichever team ends up signing him.