Kerfoot, IMO, will be a very quick cap casualty after his bonus is paid on July 1st.... he's a $750k player to a non-cap team at that point.
It would not suprise me to see the Leafs try to move on from Jake Muzzin and/or William Nylander as well.... especially if they can resign Giordano for a fraction of Muzzin's cap hit.
I'd imagine that the Leafs take a really strong run at signing both Mikheyev & Lyubushkin. Even though the former requested a trade, I get the sense that he's starting to realize his potential here; and could be an ideal top 6 winger with his ability to back off opponents with his speed.
That being said, if you figure Muzzin to Giordano saves you $3.5m, and Kerfoot to an ELC saves you $2.5m, that does open up quite a bit of cap flexibility, even if you have to give Mikheyev a $1.5m raise.
If moving Nylander, that's a ton of flexibility, even if you bring in a $4-5m forward to replace him.
That could theoretically be an incremental $7m player, with "trade assets" in Muzzin, Nylander, and Kerfoot to utilize.