Assuming Anton Forsberg will be on LTIR for the rest of the regular season, would you do Forsberg (LTIR) for Ryan Reaves?
They are already in LTI so adding another LTIR contract will not affect them at all this season, so long as Forsberg will not return until the playoffs. It will increase their pool of available cap relief since they will move an active player off of the books. This could help them leading into the trade deadline.
The situation that the Leafs are in with Reaves is that due to 35+ contract rules, they only get 200k in cap relief if they bury him. A buyout this offseason would cost them 1.8M (450k x 4 years). A Forsberg buyout would cost them almost the exact same amount 1.833M, but it would be spread over 2 years at 916k per season. So the buyouts would be similar, just structured differently, but it would get them cap space this season by dumping Reaves.
With that said, they do not have to buyout Forsberg to realize value. The cap hit of Forsberg next year is 1.6M if he is buried in the AHL. The cap hit of Reaves if he is buried for the next two seasons is 1.15M per season (2.3M total). That means that if the Leafs opt to not do the buyout, they would increase their cap in the 2024-25 season by 450k but they would gain 1.15M for the 2025-26 season.
Why does Ottawa do it? They already said they are having a difficult time finding veterans in trades. Forsberg seems to be a sunk cost. I don't think he will be here next season, and they might have to buy him out or swap him for another bad contract. While Reaves is no longer an everyday NHLer, having a pugilist would be very valuable down the stretch as games become more meaningless for a basement team and prone to utter BS from other teams. If we manage our cap properly next season and have room for a 23 player roster, Reaves would be a perfectly fine 13th or 14th forward, who could only come in when needed for contentious games. Would I sign Reaves to a 2 year 1.35M contract that cannot be buried? Probably not, but when you move out a sunk cost in Forsberg, it subsidizes the actual cost in cap to bring in Reaves.