In a surprising move Tuesday, the Toronto Maple Leafs traded captain Dion Phaneuf to their provincial rivals, the Ottawa Senators. The Leafs sent Phaneuf, along with Matt Frattin, Ryan Rupert, Casey Bailey and Cody Donaghey, to the Sens for a package of players headlined by Milan Michalek and Jared Cowen, as well as two minor league prospects and a second-round draft pick.
For the Leafs, the full rebuild begins with this trade. Phaneuf is expensive and aging. He has actually been a positive player only once in his Maple Leaf career, sporting a +2 rating in 2013-14. While +/- is more indicative of team play, and the team has not been good since his arrival, he still has been unable to be on the ice for more goals for than against.
For a captain, and player brought in to save an Original 6 franchise, that's just not good enough. Phaneuf has, to his credit, been a very good leader, and still can get points, never scoring less than 30 points in any season in which he didn't miss significant time. He already has 21 assists this season, and will combine with Erik Karlsson to create a very scary offensive blue line for the Senators.
Getting Michalek is a cheap forward option for the Leafs. He can still score, and will be nearly $3 million cheaper than Phaneuf next season. After that he becomes a free agent, helping free cap space for the Leaf rebuild. The real cornerstone of this deal is Cowen, however. Cowen is 25 years old and has been a +7 for the Senators this season. He is very defensive, and cheap, but has yet to fulfill his potential. As a former No. 9 overall pick in 2009, Cowen could very well turn at least into a very serviceable defenseman in the NHL.
The Senators get another offensive juggernaut on the blue line and the Maple Leafs can finally begin their full rebuild. For both sides, this trade has great implications for the future of the organization.
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