The term is the problem and it's not a small problem. If the Leafs want to unload that contract, it will require creativity and no GM is going to give the Leafs the value they want for Zaitsev. They will circle around like Vultures and wait for the situation to work in their favor. If it don't work, they certainly have options in the UFA market and can find someone similar on a lesser term and cap hit vs Zaitsev.
The term is the problem, yep. I acknowledged that.
It will require some degree of creativity, but really it's just going to need a team far from the cap and/or in desperate need of a D. If their cap weren't an issue, Edmonton would be an example of the latter. Currently the Sens are an example of the former and the Coyotes have done this saving a team from a bad contract thing several times already.
With the cap problems Toronto is having and Kapanen/Johnsson/Marner all needing to be re-signed and not taking discounts, I don't see why they would be looking for value for Zaitsev. At this point, it helps them out as much as it helps anyone else to move Zaitsev out. Pending Gardiner's fate, Zaitsev became like their four or fifth best D after Muzzin came on and their two best prospects are D.
Teams have had the option to circle like vultures before and, like I said, there's always a team near the cap floor or in desperation mode willing to help out. I don't know what UFA market you're thinking of either. The NHL one is full of huge overpays and is where every players waits to make their big pay day. With the cap between 80 and 85 mil, 4.5 for a bottom 3 D with offensive upside really isn't hard to deal with for any team not in cap hell. Even on a 5 year term.