Lyubushkin was terrible with Rielly. He's not top pair material and he isn't going to sign for scrub #6/7D money.
Giordano is way too old to commit to, and similarly, unless he really loves TO, he's not going to take a sweetheart $1M deal. At his age, why commit anyway? He's the kind of guy you should be able to trade for at the deadline if you need to, once they've proved they can still play.
Blackwell is a nothing player and was the most disappointing of the three. He cleared the very low bar of being better than Simmonds and Clifford but that's it.
More to the point, why commit to these particular players just because they were available at the deadline? There are going to be dozens of similar or better options available in UFA. What makes you think they're the best the Leafs can do? The team has umpteen pro scouts for a reason - use them!
I thought Giordano and Liljegren were excellent together towards the end of the regular season. Gio can still play and Lilly is developing nicely. I think it was a huge mistake by the coaching staff to go with the "vets" in the playoffs. Holl is horrendous.
Lyubushkin is a bottom 4 guy, period. He should be playing major minutes with Rielly. If he has delusions of being paid top pairing money, I'm fine with it being somewhere else. That said, I think he's an ideal #5/6 and should be making in the range of $2 million per year.
Blackwell is simply a placeholder in that spot relative to my roster. Most 4th line players are disappointing. Look across the NHL, there are terrible 4th liners, contributing very little, elsewhere, the same as in Toronto. If you want to replace Blackwell with another guy in the 750k-1.0m range, I will not lose a wink of sleep over it.
There is a segment of Leafs fans that seemingly have an extremely high expectation of what the 4th line brings a hockey team in a salary cap system, where said players are making near league minimum. Can our 4th line improve? Definitely. Should we be expecting great things out of them? No.
Part of the answer already lies on the roster. In an ideal world, David Kampf and Pierre Engvall would be 2/3 of your 4th line, with a guylike Joey Anderson or Wayne Simmonds (simply for toughness) rotating in beside them. However, because of how much money Toronto committed to their top 4 forwards, guys like Kampf and Engvall actually have to slot up on the roster, when they would make for ++ bottom line players.