Here's a visual summary of the top five contracts per team, by position, from 2022*:
View attachment 578380
Among its top five contracts**, Toronto has allocated just over $40.5M to (four) forwards, and $7.5M to (one) defenseman. The Leafs have, by a wide margin, the most dollars invested in their top forwards. Toronto is 26% ahead of the next closest team (the Capitals). Washington, although they have the 2nd highest allocation, is closer to 17th place, than they are to the Leafs. This shows how unconventional the Leafs' cap management has been.
There are eight teams in the NHL (including Toronto) that have invested $8.0M or less in defensemen and goalies (among their top five contracts). Those teams have won a grand total of 5 playoff series over the past four years. Allocating such a small amount to goalies/defensemen hasn't proven to be a winning formula in recent years.
The Leafs are one of 14 teams that haven't won any playoff series in the past four years (this includes Seattle). The Leafs have by far the most invested in their top forwards (just over $40.5M). Washington is the next closest team (at $32.3M) - and at least they won a Stanley Cup with that core (five years ago). No other team with zero playoff series wins since 2019 has more than about $29M invested in their forwards (among their top five contracts).
The top four Leaf forwards have scored 82 points in 98 playoff games (a pace of 69 points per 82 games). That's unacceptable for such a high cap hit. The Leafs have allocated a substantial amount in their top four forwards, they haven't delivered in April, and the lack of cap room makes it difficult to add depth.
All that being said - it's too early to tell if Dubas's tenure will be successful. If the Leafs win the Stanley Cup, or at least make a couple of deep playoff runs, all will be forgiven***. We'll look back on his tenure, and talk about his bold, unconventional approach. But until the regular season success translates into the spring, we have no choice but to conclude that Dubas (who has actually been quite good at trading and drafting) has badly mismanaged the salary cap, which has been the root cause of the Leafs' inability to win a playoff round.
====
* All data has been taken from
www.spotrac.com. I'm assuming their data is complete and accurate.
** I'm focusing on the top five contracts, since the Leafs have so much money tied up in Matthews, Tavares, Marner, Rielly, and Nylander. But even if we look at the entire roster, the conclusion doesn't change. The Leafs still had the highest cap hit allocated to their forwards in 2022 ($53.1M).
*** To be clear, this is certainly possible. The Leafs have been one of the best regular season teams over the past few years, and if Matthews plays Conn Smythe calibre hockey for two months, or one of the goalies goes on a hot streak, he could become one of the biggest heroes in the city's history. But results in the playoffs, not potential, nor regular season standings, are what really matter for a team that hasn't won the Stanley Cup since prior to man first walking on the moon.