The Maple Leafs have two prominent pending unrestricted free agent forwards in winger Mitch Marner and center John Tavares.  While it appears that there haven’t been many discussions with Marner, Chris Johnston of The Athletic reported in a recent TSN Insider Trading segment that Toronto has engaged in talks with Tavares though obviously, the two sides aren’t in agreement on a new deal just yet.

Tavares signed a seven-year, $77MM contract with his hometown team back in 2018 and while the $11MM price tag was among the league leaders at the time, the 34-year-old has delivered.  Tavares has three seasons of at least 76 points over that span and overall, has 440 points in 462 games with the Maple Leafs.  That 0.952 points-per-game average is actually slightly better than the 0.928 he put up with the Islanders.  His playoff performance hasn’t been as strong, however, as Tavares has collected 24 points in 38 postseason outings with Toronto.

But while Tavares has produced at or near the level of a top-line center for the majority of his time with Toronto, it’s also fair to assume it’s unlikely this will be the case much longer; he’ll be entering his age-35 season in 2025-26.  While he could still put up above-average production for a little while longer, he’s certainly not going to be able to command $11MM on the open market at this stage of his career.  Accordingly, a drop in pay is a near certainty.

How much of one is the big question.  At this point, he’s still producing as a top-six forward at a minimum so it’s not as if Toronto can conceivably ask him to cut that price tag in half (or by even more) even though, as Johnston noted, Tavares has made it clear he doesn’t want to test free agency and wants to remain with the Maple Leafs.  His value on the open market might still be in the $7MM to $8MM range if he were to actually make it there.

One way around that might be to utilize deferred compensation.  Carolina utilized that with a pair of contracts over the summer while the Maple Leafs also took advantage of it on the recent Jake McCabe extension.  Using deferred salary would allow the cap hit to go a bit lower while still giving Tavares’ camp the total compensation it might be seeking.  How long he’d have to wait for that deferred salary would ultimately dictate how much cap savings Toronto could receive.

At his age, it’s quite possible that this is the final contract that Tavares receives so there is a bit of incentive to consider deferred salary when he’d be in a lower tax bracket and potentially a jurisdiction with lower tax rates.  We’ll see in the coming weeks if that’s enough to bridge the current gap between the two sides to keep Tavares in Toronto a little longer.