Here's (yet) another look at the Leafs salary cap situation.
At the very least, it's likely that 2 forwards will be added and one defenceman will be playing with the Marlies. As well, under section 50.5 of the CBA, teams can exceed the cap by 10% from July 1 to the last day of training camp, so who knows how the Leafs' cap will break down. That said, by my math they're going to have to find about $3 to $5M in cap savings to take a run at a big name UFA.
12 Forwards: $20,411,000
8 Defence: $20,829,328
2 Goalies: $3,375,000
Belfour's Buy-out: $770,000
Cap room remaining: approximately $2 ~ $2.5 million (presumes a $48/49 million cap with some flex room left over for short-term injuries)