I doubt Tavares moves given is NMC. No contender can afford him or will want him at the full 11M. Leafs could retain but then they don't gain anything. Retain 50% on Tavares so save 5.5M then spend it on something else. the something else is probably not much better than Tavares.
There are teams that can eat the11M if Toronto throws in enough incentive for them too but will he waive to go there? Who could afford him at 11M Cap hit, that does not have other plans for it.
Hawks, Ducks (probably after real cash bonus paid), Utah- might want to spend that money in UFA market, San Jose (probably wants to bottom out again maybe Tavares keeps them out of the cellar and maybe Mtl. For 1 yr Mtl does not need that cap space, can use Prices LTIR $
Of those the only 2 I see him waiving for are maybe Hawks or Mtl. hawks he gets to play with Bedard and maybe young habs take a step forward.
what would a trade look like, A lot like the Monahan trade Treliving made. Tavares and an asset for not much. Tavares probably better than Monahan but extra 4.25M in cap hit too.
Something around Tavares plus 2026 1st rounder with a player like Dvorak or Athansiou going back fills hole at centre in DVos case in short term on expiring contract frees up almost 7M in capspace toronto can use now.