The Leafs main problem was Tavares’ deal started in 2018-19, Matthews’ and Marner’s deals started in 2019-20, and then COVID did this:
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The Leafs understandably assumed they would have a lot more money to work with.
The cap was growing every year plus Seattle was starting up in 2021-22. The cap had a big 4.5m increase in 2018 after Vegas’ 1st season, the addition of Seattle would have had a similar effect.
Lots of teams struggled under the frozen cap but it was particularly rough for the handful of teams that signed their top stars to +10m deals right before COVID.