In case you missed it, and it’s entirely possible during the middle of a beautiful Thursday night in Toronto, the Maple Leafs traded Ryan Reaves to the San Jose Sharks in exchange for defenceman Henry Thrun.
It’s a clever acquisition for the Leafs, adding a 24-year-old left-shot defenceman in Thrun, who could reasonably compete for, but isn’t guaranteed a place in the lineup this fall. He carries a $1-million cap hit for the 2024-25 season, and is slated to become a restricted free agent. Toronto did well to recoup some depth in exchange for Reaves, who was phased out of the lineup last season and his $1.35 million cap hit was considered onerous to the vast majority of teams. San Jose is expected to have some steady internal improvement from its very young core, while still being amid a promising rebuilding and can incur Reaves’ cap hit for one year without real detriment to its short-term goals.
This trade should be considered a win for the Maple Leafs, but it’s also important to be realistic about Thrun’s output. Thrun posted two goals and 12 points in 60 games for a Sharks team that finished dead last in the NHL by nine points. Simon Benoit has a clear advantage ahead of Thrun heading into training camp for the team’s third-pair spot on the left side, especially after his game took a clear leap after the 4 Nations Face-Off break. And really, here’s the important part: Thrun’s defensive metrics were awful last year, but how much of this is a function of being on a Sharks team that could stomach another year angling for a top pick?
There were 229 defencemen who played greater than 400 minutes at 5-on-5 and Thrun posted the fifth-worst Corsi (42.10%), the ninth-worst expected goals against per 60 (3.36) and fourth-worst expected goals share (38.66%) so it’s worth proceeding with some caution, even if this trade favours the Leafs. He was primarily paired with Cody Ceci last season as the 150th-most used pair in the NHL at 5-on-5. Thrun is still a young player who will benefit from a far superior lineup that’s positioned — at least theoretically, with the Florida Panthers in a different tier — to win immediately. Even if Thrun’s a true NHL No. 7-8 defenceman, he has more immediate value to the Leafs than Reaves, who did not appear in any games after March 2.
Henry Thrun isn’t anything crazy and yet he’s light years more than what I expected they’d get for Reaves. Wild https://t.co/PcYQ4h5ECS
— Аlex Hobson (@AHobsonMedia) July 11, 2025
Reaves was well-liked by his teammates and he provided some requisite toughness at times for the Maple Leafs, but ultimately, he still graded out as one of the worst players in the league, both by conventional metrics and the charts. Toronto recoups some cap space in a 1-for-1 trade as well, which continues to be of paramount importance as general manager Brad Treliving remains in pursuit of a top-six forward. After the Reaves-Thrun trade, the Maple Leafs are operating with $5.33 million in cap space via PuckPedia. And this trade is essentially about the Leafs clearing cap space. Reaves has played 912 career games, and it’ll afford him a chance of approaching the 1,000-game milestone with a young Sharks team that is certainly still building towards a very bright future.
Henry Thrun was a good college player. Solid puck-moving defender. Can block shots and get in the way. Offensive output never really blossomed in San Jose. Probably more of an AHLer in Toronto.
Worthy trade for Toronto, though.
— Steven Ellis (@SEllisHockey) July 11, 2025
For further analysis on the trade, The Leafs Nation’s Nick Alberga and Jay Rosehill provided an instant reaction to the deal Thursday evening:
#LeafsForever move on from Ryan Reaves.
"I'm sure he was happy to go somewhere where he had opportunity to play.."@thegoldenmuzzy & @Jay_D_Rosehill weigh in on the Reaves-for-Thrun deal with San Jose: pic.twitter.com/6fp4pn49wF
— TheLeafsNation (@TLNdc) July 11, 2025
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