I was in meetings all day and didn't find out about this deal until 2:10 PM: Toskala and Bell for the Leafs' 2007 1st (moves to 1st in 2008 if San Jose can't get the player they want) and 2nd round picks plus the Leafs 4th round pick in 2009.
First thought: meh.
Second thought: Good thing draft picks and home grown talent are so essential in today's NHL as, for the second time in his four year tenure, JFJ deals away the Leafs' first round pick.
After about three minutes consideration: It's nice to have Toskala to challenge Raycroft and Toskala's cap hit is fine, but he's an unrestricted free agent at the end of this season.
I also have a strong feeling Bell is Jeff O'Neill redux at $500K more per season. No doubt Leaf fans everywhere will be projecting him as a 40 goal scorer, just as the did with O'Neill (memories of Derek King, anyone?).
And my concluding thought: a conditional first, second and fourth round pick seems a bit high - especially if the player San Jose wants isn't available. If San Jose can't get their man, the pick moves to 2008, a draft many are calling the deepest in years - comparing it to the very robust 2003 entry draft.
With the signing of Carlo (a great deal, IMHO) the Leafs cap situation now looks like this:
12 Forwards: $20,111,000
7 Defence: $19,671,000
Belfour's Buy-out: $770,000
Cap room remaining: approximately $4million (presumes a $48M cap with some flex room)
Still to sign: Williams (RFA minimum salary $557,000)
Remaining cap room best guestimate: $3+ Million