The Toronto Maple Leafs announced today that defenseman Marshall Rifai has been assigned to the club’s AHL affiliate, the Toronto Marlies, on a conditioning loan.
Rifai has spent the entirety of this season so far on long-term injured reserve after undergoing wrist surgery in September. He sustained the injury during a preseason contest against the Montreal Canadiens. The 27-year-old didn’t play any NHL games in 2024-25, but was looking to make a push for consideration to land on the NHL roster this year. His injury stopped him from making his case in preseason and training camp, but now he appears to be nearing a return to full health.
Rifai will be able to spend up to 14 days or five games, whichever comes first, on this conditioning loan. For Rifai to be eligible for reassignment to the Marlies on a permanent basis, he will need to clear waivers.
The 6’2″, 211-pound defenseman was an undrafted signing out of Harvard University that Toronto made in 2022. He scored 16 points and logged 118 penalty minutes in his AHL rookie campaign in 2022-23 and earned his first two NHL games in 2023-24, the only two NHL games of his career thus far.
While Toronto has had to deal with several defensive injuries so far in 2025-26, it’s unclear whether those absences will be enough to secure Rifai a spot on the NHL roster. Given his level of experience thus far, it feels as though the far likelier outcome is that he lands on waivers for reassignment to the Marlies permanently.
The fact that Rifai is signed to a one-way $775K AAV contract with an additional year of term on it does make it likelier that, in the event that he is waived, he’ll be able to clear.
While a team such as the Maple Leafs, who are one of the most deep-pocketed teams in the NHL, can afford to pay NHL salaries to key AHL call-up options, other clubs simply don’t have the same level of financial muscle and therefore are more frugal when it comes to expenditures on AHL players.
This impacts a team’s ability to protect its waiver-eligible depth from claims by rival teams, as players with a lower financial commitment required are often seen as more suitable, low-risk candidates to be claimed on waivers.
To illustrate this reality, one can take a look at the nearby Buffalo Sabres, as there is a clear comparable defenseman to Rifai: former Quinnipiac Bobcat Zach Metsa. Like Rifai, Metsa is also a 27-year-old undrafted player who signed out of the NCAA. While Rifai has an additional full year of AHL experience, which does matter, Metsa did have a notably superior college career. He captained Quinnipiac to a national championship and won numerous individual honors.
Both Metsa and Rifai are playing on two-year extensions and spent all of 2024-25 in the AHL; Metsa scored 46 points in 69 games as a two-way blueliner while Rifai scored 13 points in 63 games as more of a defensively-oriented, physical blueliner.
Despite their generally comparable levels of experience and Metsa’s arguably more pronounced level of on-ice value in the AHL, Rifai earned a one-way deal in each year of his extension, while Metsa got a two-way structure on his extension.
Metsa’s deal pays him $250K at the AHL level in its first year and has a $325K guarantee for 2026-27. Rifai, as mentioned, will make $775K per year over the course of his deal, regardless of what level he is rostered at.
There are some notable differences between the two players, to be clear, and one could make the argument that Rifai’s play style is more in line with what a team might be looking for out of a call-up option. But the differences in their levels of compensation do nonetheless serve as a useful illustration of the unique financial muscle the Maple Leafs are able to flex to help them build organizational depth.
While the NHL salary cap does limit player expenditure at the highest level, Rifai is an example of how a wealthier team can leverage its deeper pockets to create team-building advantages for itself on the margins.
As a result, if Toronto does end up waiving Rifai at some point down the line now that he is nearing a return from injury, the contract they gave him will most likely contribute to him clearing.