The Toronto Maple Leafs have made use of their cap space. The Penguins were desperate to move some cap to acquire Mark Streit and the Maple Leafs stepped up to plate. Just after the 3:00 pm deadline, it was announced the Toronto Maple Leafs had acquired Eric Fehr, Steven Oleksy and a 2017 fourth-round pick, in exchange for Frank Corrado.
Frankie Corrado to PIT for Oleksy, Fehr and a fourth-round pick in 2017.
— Bob McKenzie (@TSNBobMcKenzie) March 1, 2017
Eric Fehr Traded to Toronto Maple Leafs
Earlier in the day, at noon, Eric Fehr cleared waivers. The move was made by the Penguins in an attempt to shed cap, clearing out room to make moves at the deadline. The Maple Leafs were the perfect suitors, as talked about in lead up to the deadline. With plenty of cap space, the Leafs took advantage of the Pens situation, taking on Fehr and Steven Oleksy to acquire a 2017 fourth-round pick.
Fehr has a cap hit of $2 million, under contract through 2017-18. The 11-year veteran has just 11 points in 52 games with Pittsburgh this season. He has dropped off significantly after a 19 goal campaign in 20114-15 with the Washington Capitals, which got him his three-year deal with the Penguins.
Oleksy, a 31-year old right shot defenceman, has split the year between the NHL and the AHL. He will likely do the same with Toronto. A pending UFA, he provides depth for the Leafs down the stretch. He has played 73 NHL games in his career.
The main piece the Leafs receive is the 2017 fourth-round pick. The Leafs traded two second round picks for this 2017 draft, so acquiring another pick in this draft was important. Toronto now has seven picks in this upcoming draft.
Given up in this deal was Frank Corrado. The seldom used 23-year old right shot defenceman heads to the Penguins as a cheap depth option. He sat in the press box with the Maple Leafs, finally getting a chance to play when he was placed on waivers and sent to the AHL. Corrado has played well with the Marlies, with 12 points in 18 games from the backend. Corrado joins Stuart Percy as former Toronto Maple Leafs defencemen in the Pittsburgh system.
This move is simply a cap dump. The Penguins were able to move $2 million for a cheap price in order to acquire Mark Streit. The Leafs gain some expansion draft flexibility with Eric Fehr being under contract next season but now sit at 50 contracts. Unless another move is yet to be announced, Toronto will not have room to sign any upcoming college free agents or European free agents.
DENVER, CO – DECEMBER 09: Goalie Marc-Andre Fleury #29 of the Pittsburgh Penguins defends the goal against the Colorado Avalanche along with Kris Letang #58 and Eric Fehr #16 of the Pittsburgh Penguins at Pepsi Center on December 9, 2015 in Denver, Colorado. The Penguins defeated the Avalanche 4-2. (Photo by Doug Pensinger/Getty Images)