There are only 5 teams in the NHL with more points than Toronto right now. There are a lot of underachieving squads right now. Tampa and Florida probably aren't going to fire their coach. The Leafs have played 8 of 16 games with Erik Kallgren in net, their 3rd string goaltender. The ugly losses to bottom feeders San Jose, Arizona and Anaheim were all Kallgren starts.
Murray might be good to go now, they've managed to keep in the mix without him, let's see how they do with him.
The big guns are carrying the load on offense, only really waiting on Matthews to hit his stride. They've found a solid 4th line (ZAR-Kampf-Malgin). The young guys are every day players (Sandin-Liljegren-Robertson-Malgin). They lost some physicality from the loss of Muzzin but his absense allows them cap flexibility, they would have had to move somebody at full health, now they can keep that player. It also allows them to utilize a 23 man roster, where they help to make up for the loss of grit from Muzzin's departure with 3 throw back players (Clifford-Simmonds-Benn).
There are reasons for optimism.