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Ryan Reaves, Toronto Maple Leafs (Amy Irvin / The Hockey Writers)

Buyouts vs. Waivers: The Smarter Cap Move for the Maple Leafs

Originally posted on The Hockey Writers | By The Old Prof | Last updated Jun 8, 2025 12:00 PM ET

The organization faces some tough decisions as the Toronto Maple Leafs head into another offseason with tight salary cap constraints. Three depth players — Ryan Reaves, Calle Järnkrok, and David Kämpf — are under contract but may no longer fit the team’s evolving needs. While buyouts offer one route to cap relief, burying contracts in the American Hockey League (AHL) via waivers might provide better value with fewer long-term penalties.

Why Buying Out Maple Leafs Contracts Might Be a Mistake

There’s been a lot of talk lately about these potential buyout candidates. But before fans and analysts push too hard for that route, it’s worth asking: Is a buyout the best option? In this post, Stan and I will break down the numbers, compare alternatives—specifically AHL waivers and demotions—and make the case that buying players out won’t save the team money. In the long run, buyouts could cost more in cap space and roster flexibility.

Here’s a look at each player’s contract situation and why the waiver wire might be a smarter move.

Player One: Ryan Reaves: Better Buried or Bought Out?

Ryan Reaves has one year remaining on his contract at a salary of $1.35 million. If the team chooses to buy him out, they would save $900,000 against the cap in 2025–26, but it would create a carryover cap hit of $450,000 in 2026–27. Alternatively, if he is placed on waivers and assigned to the AHL, the team could bury $1.15 million of his salary, resulting in a minimal $200,000 cap hit for the 2025–26 season and no cap hit at all in 2026–27.

The best action plan would be to bury Reaves in the AHL, save $250,000 more this coming season, and avoid the second-year penalty of a buyout. If unclaimed on waivers, he could help the Toronto Marlies and remain a physical call-up option.

Player Two: Calle Järnkrok: Salary Cap-Space vs. Roster Spot

Calle Järnkrok has one year remaining on his contract at $2.1 million. If the Maple Leafs choose to buy him out, the cap hit would be $1.583 million in 2025–26 and $258,000 in 2026–27, offering a modest savings of just $517,000 next season. A more cost-effective option would be placing him on waivers and assigning him to the AHL. In that case, the team would carry only a $950,000 cap hit in 2025–26—saving $1.15 million—and would face no cap charge in 2026–27.

Like Reaves, Järnkrok provides more immediate and long-term savings if waived and assigned to the Marlies. He’s still a serviceable player and could help a younger AHL roster while staying on hand as injury insurance.

Player Three: David Kämpf: One or Two-Year Decision?

David Kämpf has two years remaining on his contract at $2.4 million per season. A buyout would result in a cap hit of $1.683 million in both 2025–26 and 2026–27, followed by dead money charges of $358,000 in each of the two seasons after that (2027–28 and 2028–29). Alternatively, if he’s placed on waivers and assigned to the AHL, the Maple Leafs would reduce his cap hit to $1.25 million per season with no long-term penalty, making it the cleaner option financially.

David Kampf, Toronto Maple Leafs (Amy Irvin / The Hockey Writers)

The waiver route provides the best action plan because it offers the highest annual savings ($1.15 million per season) and avoids two extra years of cap charges. Kämpf is still a reliable, defense-first player who could help the Marlies’ penalty kill and remain emergency depth.

Buyout vs. Waivers: The Maple Leafs Totals

If the Maple Leafs decide to buy out the contracts of Järnkrok, Kämpf, and Reaves, the resulting cap penalties would be:

However, if the team instead places all three on waivers and assigns them to the AHL, the financial picture improves dramatically:

This comparison highlights the advantages of AHL demotions over buyouts for short-term flexibility and long-term salary cap cleanliness. If the Maple Leafs were to buy out all three contracts, their cap hits would total $3.716 million in 2025–26, $2.391 million in 2026–27, and $358,000 in both 2027–28 and 2028–29.

Calle Jarnkrok, Toronto Maple Leafs (Amy Irvin / The Hockey Writers)

In contrast, assigning all three players to the AHL would significantly reduce the cap burden, resulting in only $2.45 million in 2025–26 and $1.25 million in 2026–27, with no remaining cap hit beyond that. Over the full four-year period, AHL demotions would save the organization a total of $3.123 million in cap space—a notable difference for a team looking to maximize its financial efficiency under a flat cap.

Other Considerations for the Maple Leafs

If any players are claimed off waivers, the Maple Leafs would lose the entire contract and free up even more cap space. However, if they clear waivers and are assigned to the Marlies, all three veterans could still contribute to a winning culture. While the AHL is primarily a development league, team success and veteran leadership remain valuable assets.

Keeping these players in the organization also provides the Maple Leafs with flexible injury depth or situational call-up options. The primary drawback is that each player would continue to occupy a contract slot, which could become a concern only if the team approaches the NHL’s 50-contract limit.

The Bottom Line for the Maple Leafs

Waiving and burying Reaves, Järnkrok, and Kämpf offers short-term relief and long-term flexibility, without the dead-cap baggage of buyouts. Waivers might be the more brilliant play for a front office looking to squeeze every dollar out of the cap.

[Note: I want to thank long-time Maple Leafs fan Stan Smith for collaborating with me on this post. Stan’s Facebook profile can be found here.]