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Easton Cowan, Toronto Maple Leafs (David Kirouac-Imagn Images)

Surfacing Cowan Trade Talk Hints Maple Leafs Done Waiting

Originally posted on The Hockey Writers | By Jim Parsons | Last updated Jan 8, 2026 11:35 AM ET

When insiders like Nick Kypreos float the idea that the Toronto Maple Leafs might be open to trading Easton Cowan, the reaction is predictable. Fans tend to have two reactions.

The first is denial. Why would the Leafs trade their best prospect? The second is realization. You have to give to get. Top prospects are supposed to be untouchable, but if the Maple Leafs want to fill a hole on their roster and take a big swing ahead of the NHL trade deadline, Cowan represents the young, cost-controlled piece other teams will be asking about.

But this conversation isn’t really about Cowan. It’s about where the Leafs believe they are in their competitive window — and what they’re willing to sacrifice to keep it open.

Cowan Reportedly Available… For the Right Piece

According to Sportsnet’s Nick Kypreos, the Maple Leafs won’t rule out moving Cowan if it helps land a true star.

He writes:

“As we know, the Leafs are really limited with the assets they have to pull off a big trade. Last year, Easton Cowan was pushed as a trade chip in an effort to try and obtain Brayden Schenn, but Cowan’s going to be hard to put into play again this season. However, depending on what the return is, we can’t rule out the possibility.”

Toronto has spent years threading the same needle: contend now while slightly mortgaging tomorrow. They’ve repeatedly traded away top draft picks in the hope they’d be more competitive than they are. That approach has delivered regular-season success and playoff frustration. They held onto the next generation as long as they could. Last year, things changed. They finally moved Fraser Minten to the Boston Bruins as part of the Brandon Carlo trade, and the team is reportedly wanting to take another big swing before the Olympic roster freeze.

Cowan is valuable precisely because he doesn’t cost much and projects as a legitimate top-six contributor. He’s the kind of player future contending teams want. That’s why the idea of trading him is so interesting. There’s a market out there for him, and Kypreo’s report suggests Toronto may be ready to go all-in.

Are the Maple Leafs Targeting Jason Robertson?

Even more fascinating than the fact that Kypreos believes a Cowan trade is possible might be who he thinks the Maple Leafs have on their radar: Jason Robertson.

Kypreos adds:

“One idea floating around the league is a bigger swing involving Dallas — specifically Jason Robertson. Contract talks there haven’t been smooth, where Robertson is believed to be looking for north of $12 million a year, more than what Mikko Rantanen got. That’s not an easy number for the Stars. Toronto could pay it, but the question is the cost of acquisition. Cowan, Ben Danford, plus more — likely an off-season conversation rather than a deadline one — but it’s the kind of move that would actually change the Leafs’ makeup. Whether they have the stomach for it is another matter.”

Robertson isn’t a deadline rental or a “nice fit.” He’s a franchise RFA winger entering his prime who will command a monster extension. That’s not a trade you make unless you’re prepared to reshape your roster — and your cap — around him. If Cowan is the price of entry, it means the Leafs are prioritizing star certainty over developmental upside.

Cowan wouldn’t be the only piece going back in a trade of that magnitude. Serious salary would have to go back to Dallas, and from there, the Leafs would be repositioning their roster again to compete now, with dominoes falling if they land and sign a $12 million player.

None of this means Cowan will be traded. It does mean the Leafs are feeling real urgency.

If Easton Cowan is moved, it won’t be because Toronto stopped believing in him. It’ll be because they’ve stopped believing time is on their side.