I think it's important to clarify legal rights under tort law, and league-rights. If the Leafs & Hakanpaa put pen to paper, then Hakanpaa may have rights under the law, but those will not neccessarily translate to the NHL, given that "registering" contracts with the league is a requirement of NHL SPCs.
Ultimately, it was a july 1 deal. Do you really think that all these guys have physicals on July 1? no. They might get a hold of a medical file, but things move quickly. You make agreements in principle based on the information available to you, and deal with the formalities in the coming days.
Yes, they've lost a bit of "flexibility", but theoretically, not as much as you think. If you include Hakanpaa, they have Rielly, Tanev, OEL, Liljegren, McCabe, Benoit, Hakanpaa, Timmins, Mermis and Myers all on one-way deals. They're not going to carry 10 defencemen.
If Hakanpaa does end up "in" the fold, it likely means they're going to push Timmins out. If Hakanpaa doesn't end up in, it's likely Timmins may hang on. At the end of the day, I believe its a $400k difference between the two.