We have some deeper insight into the Kirill Marchenko trade that sent him to the Toronto Maple Leafs, which highlighted an exchange for Matthew Knies. According to Elliotte Friedman, this had many moving parts, including a near move to Montreal.

Yesterday, the trade in full detail was Columbus receiving Knies, Steven Lorentz, and defenseman Emil Andrae, as well as a 2027 second-round pick, and in exchange, the Leafs received Marchenko, Miles Wood, and goaltender Elvis Merzlikins. As part of this deal, in light of Marchenko’s unwillingness to remain with the Blue Jackets, Marchenko’s agent, Dan Millstein, shared that Marchenko signed a six-year, $75MM ($12.5MM AAV) extension with Toronto. Earlier, David Pagnotta of The Fourth Period reported that the Maple Leafs were permitted to negotiate an extension with Marchenko as part of the trade talks.

The Canadiens had pursued this all summer and were the most aggressive among other noted teams in pursuit of the acquisition; no offer presented to the Blue Jackets was as enticing as what the Leafs offered. The Habs even roped in other teams as third trade partners to either ‘either eat Blue Jackets salary or include more palatable players,’ as Friedman put it. Along with this, the Canadiens, as rumored earlier this summer, were the frontrunner preference for Marchenko. The Bruins, Islanders, Kraken, and Lightning, among others, were attempting to trade for the young Russian.

In that case, what pieces did these teams involve that would’ve contended up to the package Toronto had given on the table? The Canadiens might have presented a surplus of young talent, no doubt. But as Jackets GM Don Waddell had emphasized, he wasn’t looking for futures; he wanted players who could help the team now. Boston might’ve considered placing Pavel Zacha on the table, but despite holding the most value, the team yearns to re-sign him. Looking at the Islanders, some veterans might’ve been decent value for a Jackets team that lost their captain in Boone Jenner. Seattle also provides many solid NHL players; it’s fair to wonder if Shane Wright was ever considered, given all the trade buzz around him this offseason. The Lightning also have loads of top-end forwards, but which player is the main piece going back?

Additional Notes:

• There was some holdup from the full official trade being announced, which is because the contract Toronto wanted to pay Marchenko would’ve taken the Leafs over the salary cap for future seasons. Friedman assumes this is why Andre, who carried a $1.55MM AAV in 2027-28, was included.
• Friedman also noted that Merzlikins could be placed on LTIR so his full cap hit doesn’t count, but if that occurs, he cannot be utilized if the Leafs make the postseason. The goaltender’s contract has one year left at a $5.4MM cap hit; the Jackets are retaining 18% of the overall annual pay, so it counts as a $4.428MM cap hit to Toronto. Still, as of now, the Leafs are well over the 2026-27 cap, with -$3.9MM in space currently.
• Friedman also said the Leafs believe that Marchenko has the most upside of any player involved in this deal. This explains why they were willing to take a goaltender with a large cap that won’t be utilized and a player that Columbus sent down on waivers. Marchenko finished 2025-26 scoring 27 goals for 67 points in 76 games and isn’t considered an easily replaceable winger, especially for Columbus. In the past two years, he’s potted 58 goals and 141 points in 155 games with a +36 rating, averaging 18:46 of ice time per game. However, the Jackets getting Knies at age-23 for five more seasons at $7.75MM AAV is a pretty good return.
• Knies, who has scored 52 goals and 124 points in 157 games with a -23 rating, averaging 18:39 of ice time per game since 2024-25, was one of the only players Toronto could dangle in trade talks without needing permission, which is why he was consistently a trade rumor piece. He is known as playing a lot more physically than Marchenko, and although not the top piece overall, that is a unicorn kind of player that Columbus will welcome. He also will welcome no more trade rumors, as Friedman reports he was annoyed with the speculation.