Protecting Assets

Aside from the fact that Barry Melrose was going to be hired as the new head coach of the Tampa Bay Lightning, this qualifies as the summer's worst-kept hockey secret.

Bryan McCabe's going to be dealt by the Maple Leafs to Florida today, with the holdup in the deal that was worked out weeks ago being that McCabe needed to be paid a $2-million bonus yesterday before the Panthers would finalize the deal. McCabe's already relocated to Florida, and while it's not hard to believe he'll play a lot better outside of Toronto, which became his personal purgatory, you have to wonder if refusing to be traded last winter has worked out well for him, given that he's now been shunted aside to join the endless mediocrity in Florida.

Meanwhile, so much for the constant bleating of those who said it would be impossible to trade McCabe and his five-year, $29-million contract.

Can't say this is a bad trade for the Leafs, and can't say it's a good one that will help significantly. It certainly shouldn't be heralded as any great achievement, for having to move McCabe is really a sign of failure for both the team and player after he was signed to his lucrative contract and managed to play out only two of the five years in Toronto before finding it impossible to stay any longer. Mike Van Ryn is four years younger and the Leafs gain some salary cap flexibility, although with the club's payroll now at $46 million and the cap at $56.7 million there didn't seem to be an urgent need to chop salary.

It's the final nail in the coffin of the comfy cartel that was the Muskoka Five, but more than anything, its another piece of intriguing evidence on the manner in which the Leafs have struggled terribly to manage assets in the post-lockout era.

Cast your mind back two years to the middle of the 2006-07 season. Mats Sundin was a point-per-game centre, McCabe a 57-point offensive threat from the blueline, Darcy Tucker a respected 24-goal shooter, Andrew Raycroft a reasonably solid workhorse goalie and Kyle Wellwood an emerging talent who ended up with 42 points in 48 games that season.

For that group of five players, which partially comprised what the team described as its core, the Leafs have harvested very little, although Sundin, theoretically, might still come back (Why in the world would he?). Well, they've harvested Van Ryn, a draft pick and whatever other bits might accompany the deal today. Otherwise, zippo.

You can blame John Ferguson Jr. or whoever you want, or the nature of no-trade contracts or the difficulty of operating in a cap world.

But these are the facts. The Leafs had those assets, overvalued most of them, held on to some of them too long and ended up with little in return when those assets were moved elsewhere. The Leafs used to be able to compensate for this type of weak, wasteful management when they could just go out and buy as many players as they needed, something that's been a lot more difficult to do since the end of the lockout to end all lockouts.

In fact, the Leafs had to pay Tucker, Raycroft and now McCabe to go away, just as they did with Tie Domi and Ed Belfour. The reminder of Tucker, for instance, won't be a young player or draft pick but the $1 million annual cap hit that will show up on the Leaf books for the next six years.

Anyway you cut it, this has been a period of horrific asset management for the Leafs, one of the reasons the cupboard looks distressingly bare as they head into a season in which winning 30 games will likely be a significant challenge.

Comments

[johnny thunder]

Cox,glad you're back, missed the mailbag all summer. good to see you're in mid season form!

Your point about the core players of Captain mats, mccabe, tucker, raycroft and welly is a bit overstated, no? You make Andy out to be the next vezna [or at very least 'good'], not the case [see: 2 wins]. on tucker: he wasn't waiving the nmc, no place on the roster, how could Damien 'armchair billie bean' cox get rid of him for the next cornerstone of the franchise? McCabe for van ryan, what do you expect? their first rounder for a washup? or just a former first rounder young enough to potentially rediscover himself. mats is mats. Welly: the roster is outfitted with 3rd line centers, he played his way out of the trade market.

And now we address your core players getting nothing... did Kaberle and Kubina go back to prague or does their high ice time not count as 'core'?

Finally, are we a better team with them all back?

Great call pal, rough draft this one on a cocktail napkin?

[Morgan Daniels]

Can someone explain to me how Dan Boyle fetched a king's ransom and we had to throw in a 4th rounder with McCabe to get Mike Van Ryn?

McCabe is a year older.
Their salaries are similar - Boyle actually makes more (has 6 years and $40 million left on his deal).
Boyle has a longer contract.
McCabe has a NMC, Boyle had a NTC.
They play a similar style and have similar numbers over the past few years.

Boyle got Matt Carle, Ty Wishart, a 1st AND a 4th from San Jose.

[Rachel 449]

Who are we to refer to Florida as a place of "endless mediocrity" Mr Cox? It would be an improvement for our Leafs to attain this title.

Losing McCabe is a good move, and he is certainly no worse off in Florida than Toronto.

Being rid of Mats Sundin should now be a priority.

It is expected the average Toronto hockey fan isn't capable of finding fault with Sundin, yet it is odd that the Toronto media follows suit.

Sundin is a man who has never won a Stanley Cup, is too weak to carry a team on his back, and has a significant lack of motivation - as evidenced by his inability to decide whether or not he would like to return to the cosy confines of Toronto to earn millions of dollars (and pretend to be taking aim at a Stanley Cup) for merely skating on frozen water in a silly looking uniform.

Sundin is not required to carry the team on his back, but he is being treated as though he has been doing so. We would have at least made a recent first round playoff exit if this were the case.

It is nauseating to witness this soft Swedish meatball's indecision. Equally nauseating are the fans and media who do not have the acuity to confront Sundin's overt indifference toward being an NHL player, much less a champion.

Sundin's return would only result in mediocre play when the games matter and a middle first round draft pick that Maple Leaf scouts are not skilled enough to have success with.

[Rick Grace]

If the Leafs are going to suck for the next 5 years, why not make it interesting for the fans and employ some bangers and crashers to keep the games interesting?

Because I am not going to sit back and watch these Europeans dipsy doodling and diving all over the ice and turning the other cheek, while we get beat 8-0.

I say if we're gonna lose, at least make the other team pay.
Because if the Leafs are out of the playoff race by Christmas, and they're nothing but a team of cutie pies, the fans will give up on them.

REally I don't know how losing makes you better? But if this franchise is going down the tubes, make Bettman and the NHL pay!

[gk]

Fletcher has done a terrible job! He has accomplished what he set out to do, but he did it in the worst possible way. He just bought out all our players (which will go against the cap) and got nothing in return. I know most of those players had no to little value but a good GM would be able to get something back in return (atleast a low draft pick like something he got for Hal Gill and wade belak). He then went out and traded away lot of our draft picks (as i see it, we only have our 1st n 3rd round then 6,7...). For a team that wants to rebuild trading away our draft picks doesnt help. The leafs now have way too many d-men, and not all of them will get to play (or get the minutes they want).

The fact that he added a draft pick in the mccabe trade is really bad. Honestly we were already getting a bad trade (mccabe for van ryn), but I didnt mind cause we were getting rid of mccabe. After he added that extra pick like it was nothing is what makes me mad. All the things he has done this summer any random person could have done, and maybe done it better. All the trades, signings, buyouts, giveaway of draft picks will set the leafs back more than expected! Ill give him respect for the trades he did make at last yr trade deadline and some of the players he got this summer maybe good, but he definately overpaid for them like JFJ used to do. Welcome to no playoffs for the next 4 years maple leafs fans.

[steve conti]

Mr. Cox has returned with a vengence ( once again). Let'see what the team looks like after training camp. True they will have difficulty scoring goals but Ron Wilson is a proven defense first style coach. Yes he had a much better cast in San Jose but the Leaf defence here is not too shabby and plus they have an above average goal tender. If the defence shores up to Wilson's system the Leafs will be playing a lot of 3-2 and 2-1 games this yr. it might be watchable. lets at least wait until Oct 9th. after all we have waited 41 yrs.

[Mike]

I can't believe some of you are actually critizising Fletcher for dealing to get Schenn. You all need to give your head a serious shake.

[Doug Gilmour]

Van Ryn for McCabe+HisContract is a good deal. I'm happy Bryan moves away from this joke organization.

btw, Jeff Finger is a $3.5M bag of mediocity.

[Mario]

Damien

You have to be the worst hockey reporter in the city. All you did for past two years is complain about the McCabe contract and that the Leafs have to move him.

Well they did and it is still a problem with you.

I do not understand you

[tim]

Well, we are not standing still. I think the D is better, the coach is better and we have no where to go but up anyways.

As long as we beat Montreal I can take it. I have been a fan way too long to view things any other way.

I have seen the Leafs win 4 cups. At this point, I just want them to compete every night and we will see what comes of that. You should recall that's what they used to do when they were winning cups!

PS. Watch Philly this year. They look much improved at D.

[rob]

all you leaf fans are a joke. Jumping off the wagon because the team is finally understanding they need to change their ways. The Leafs are the last team to realize the change in hockey. Get over it. And please remember, you will be more than welcome back when this team turns it around, even if it is 3 years. See you than!! :)

[Montgomery Burns]

The Leafs will be good enough to not finish in the basement, but bad enough to miss the playoffs. Ergo, no Tavares!

[David Gourley]

Leave it all be.What could or should have been is just that. Let us look forward to another season with the Leafs either playing very good or playing like most sportscasters predict, badly.

I say they will play well and have a great future.