The Leafs not only free up $3.8M in cap space, but this also means that they are willing to pay a bit more for a starting goalie. Maybe this opens up more discussions with Jack Campbell before he hits free agency next week? Even if Campbell tests the free agent market, the Leafs now have the room to engage in talks with Darcy Kuemper and sign a quality back up as well.
Of course, it could also have implications on the Leafs potentially revisiting the trade market for a guy like John Gibson, who carries a $6.4M cap hit for 5 more seasons.
With the Leafs securing the 38th pick in the deal, it still keeps the window open for drafting a potential 1st round talent at the top of round 2.