From Dreger of TSN
The cap for 2012-13 - projected to be $70.2 million under the existing CBA - would be cut to a fixed $58 million under the latest proposal.
That number would rise to a fixed $60 million in 2013-14 and then to a fixed $62 million the following year.
Projected cap numbers for the final three years of the deal include: $64.2 million in 2015-16, $67.6 million in 2016-17 and $71.1 million in 2017-18.
The league's proposal did not include an across-the-board reduction (or "rollback") to existing contract values. Necessary adjustments would be financed entirely from a combination of modified contracting practices, increases in league-wide revenue and from the players' Escrow contributions.
We can just dump deadweight like Gomez to the minors. As we stand currently that would put us under the cap. Depending on Subban's contract we'll just dump Kaberle. Under the cap with a minimal affect to the admittedly less than ideal talent on the roster.
Toronto would be in a solid position as there are many expiring contracts on the horizon.
This is what Burke has anticipated this entire summer. The Leafs will certainly be in a very good bargaining position with other teams frantically trying to trim payroll before the start of the season.