Per TSN's Chris Johnston, DeMelo and the Jets have put pen to paper on a significant new contract extension, which carries a large $4.9M cap hit over the next 4 seasons.
This deal may force the Leafs to look to the trade market for a lower priced defensive upgrade, limiting them to just one single UFA defenseman this summer to make the money work. Obviously, things can change and the Leafs can pull off other moves to open up some additional cap space if need be, but in the short term, with free agency opening up on Monday, the cap hit on the DeMelo deal could cause some problems for the Leafs when delving into the UFA market.