Toronto-The landscape of the Toronto Maple Leafs has changed dramatically. The Buds have added defenseman Dion Phaneuf and goaltender J.S. Giguere. For Phaneuf, Toronto traded D-man Ian White and forwards Matt Stajan, Niklas Hagman, and Jamal Mayers to the Calgary Flames. The Buds also received prospect Keith Aulie and grinder Fredrik Sjostrom as part of the seven-player blockbuster.

A brief intermission followed the announcement of the first trade. There should have been a half-time show between press conferences on this Super Sunday. Alas, Jeff Finger’s favorite band, The Who, was unavailable, as they were preparing for their Super Bowl performance.

When half -time ended, general manager Brian Burke declared that winger Jason Blake and goalie Vesa Toskala had been dealt to the Ducks in exchange for Giguere.

The deals make sense for all involved.

Before evaluating the transactions from each team’s perspectives, a distinction between salary cap hit and salary must be made. A player’s cap figure remains constant during a given contract. For example, if Player X is signed to a five-year, $30 million deal, his yearly hit is $6 million.  Period. One’s cap number is his total salary divided by term (in this case 30/5). However, the arrangement of payment may be different than the cap hit. For instance, Player X may be paid $7 million in his first year and $3 million in the second season of his deal. That would have no impact on his $6 million cap hit.

Anaheim Ducks:

Moving Giguere was not an easy chore for general manager Bob Murray. The Montreal, Quebec native is signed through 2011 at a $6 million cap hit. This decision was completely cash-based.

When amortized, the financials of the deal for this season are meaningless. Giguere is owed about $2 million more this year. He is to be paid $7 million in 2010-11.

Toskala will come off the books this summer, which will leave Anaheim with only Blake. The Moorhead, Minnesota native will earn $3 million per annum in 2010-11 and ’11-12. Put simply, this transaction will save the Ducks about $1 million in cash. Because Blake is under contract for another two seasons, the franchise will alleviate its up front payments. Instead of dishing out $7 million next year, the club will spend $6 million over two years. 

Calgary Flames:

Phaneuf’s expendability was not a well-kept secret. He and head coach Brent Sutter did not “go together like peas and carrots.” As such, the return for the rugged blue-liner did not match the expectations of the masses.

 The Flames offense ranks among the worst in the league this season. This deal improves Calgary’s offensive in the short and probably long-term.

Combined, Stajan and Hagman have 36 goals on the campaign. The latter player, with 20 goals, will most likely score at least 30.

While Phaneuf has more offensive potential, White, 25, has four more points this season.

Mayers had to be included due to his $1.3 million cap hit. His contract is set to expire. He is an inconsequential part of the deal.

Hagman is under contract through 2012 at a reasonable $3 million cap figure. Stajan is set to become an unrestricted free agent, but should not cost a team an arm and a leg.

White is in the last year of his deal. He can become a restricted free agent this summer and will improve on his $850 000 cap hit ($950 000 salary).

Most importantly, this deal gives the Flames financial flexibility. With Dion off the books, Calgary may look to sign Ilya Kovalchuk or Patrick Marleau in July. Indeed, the club is in desperate need of offensive help.

Toronto Maple Leafs:

Phaneuf is a major risk. The twenty-four year old has underachieved over the past couple of years. His $6.5 million cap hit could become unmovable if the status quo remains. If he struggles as a Maple Leaf, the trade will be catastrophic from a cap standpoint. Still, this is a worthwhile risk, as Phaneuf is a Norris Trophy caliber defenseman.

Stajan and Mayers are minor losses. While Stajan is having the best offensive season of his career, he is replaceable. Besides, he is in the last year of his deal. He is not a top-six forward. Mayers is a fourth-liner with no upside whatsoever.

Niklas Hagman and Ian White are the trade’s two centerpieces. Hagman has arguably been the Leafs’ best forward this year, while White has been the Buds’ top blue-liner. However, neither of the two are elite players. Phaneuf is.

Sjostrom is a dependable forward, who will be counted on to kill penalties. He is signed through 2011 for only a $750 000 cap figure.

Aulie is a long shot. Drafted in the fourth round of in 2007, the twenty-year old will report to the Marlies. The 6’6 defenseman is not known for his offense. In 43 games with the AHL’s Abbotsford Heat this season, he has two goals and four assists. NHL success would be a bonus.  

Giguere is on the decline. This acquisition is clearly financially motivated. He has one year left on his pact, while Blake has a couple. Though this trade represents an additional $2 million in assumed cap space for next year, it alleviates $4 million for 2011-12.

The subtractions of Hagman, Stajan, and Blake significantly weaken the Leafs’ offense this year. But, merely evaluating these deals on a short-term basis would be myopic. Overall, Burke, Nonis, and crew have improved their hockey team.

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