Didn't the Islanders decide to keep Leddy and trade Toews? Interesting situation... Trade assets to unload Leddy or take assets to trade Toews.
Cap issues back fired on the Islanders. I'm guessing they believed he was good but was not improving at that stage.
As an Isles fan, there were certainly timing factors, but remember that Toews was coming off a rough playoff season while Leddy was outplaying him. They couldn't keep both due to the Snow contracts that had to be worked off. Toews was arbitration-eligible too, and that uncertainty figured into the decision, while Leddy had term left.
I was a big fan of Toews and his college coach pretty much predicted he'd be a star in the NHL. It's a shame for us, but the arbitration issue was a big headache and led to the trade to Colorado. One of the 2 2nd-round picks was used for Calle Odelius, who looks like a similar player, and impressed in training camp to the point where the Isles kept him in Bridgeport at 19 years old instead of sending him back to Sweden.
I'm happy for Devon, he's a great story about a later development.