Paying up for Hanifin now, then addressing the need for two additional RHD in the summer would be my preference, if Hanifin will wave to come to Toronto and extend. Heading into next year, the following fits under the projected cap.
Assuming the cost for Hanifin is something like...
To Calgary
Timothy Liljegren
Nick Robertson
Topi Niemela
1st round pick (2024)
Centers
1C Matthews ($13,250,000)
2C Tavares ($11,000,000)
3C Wennberg ($4,600,000)
4C Minten ($846,000)
Left Wing
1LW Knies ($925,000)
2LW Grebenkin ($850,000)
3LW McMann ($1,300,000)
4LW Holmberg ($800,000)
Right Wing
1RW Marner ($10,900,000)
2RW Nylander ($11,500,000)
3RW Jarnkrok ($2,100,000)
4RW Steeves ($850,000)
Defense
1LD Hanifin ($7,800,000)
1LD Reilly ($7,500,000)
1LD Benoit ($1,300,000)
1RD FA ($4,000,000)
2RD FA ($2,000,000)
3RD McCabe ($2,000,000)
Goalies
FA ($3,000,000)
Joseph Woll ($1,000,000)
Total: $87,621,000
The significant hurdle would be filling that #2 RHD spot for $2,000,000, but there would be other options. For example, instead of aloting $3,000,000 to a second goalie, you could go with a Woll / Hildeby youth movement for cheap, or you could sign a veteran FA for cheap. You could also get a 3C in the $3,500,000 range instead of the likes of Wennberg, and spend that extra $1,000,000 for Reilly's partner. You could also trade for a guy like Gudbranson (50% retained) and run something like...
Hanifin ($7.8) / FA ($4.0)
Rielly ($7.5) / Gudbranson ($2.0)
Benoit ($1.3) / McCabe (2.0)