The asking price for Chychrun remains high - a pair of first round picks, and a high-ranking prospect. For the Leafs to make the money work without having the Coyotes retain salary, they'll have to move Justin Holl and Alex Kerfoot (possibly in a deal with another club), which would actually leave the Leafs with an additional $900K in cap space after adding Chychrun's salary.
Rasmus Sandin could be the high-end prospect heading to Arizona, which would alleviate the issues with having to sign him.