Five reasons Dion Phaneuf trade makes sense for Senators and Maple Leafs

The Toronto Maple Leafs traded their captain Dion Phaneuf to the Ottawa Senators on Tuesday in a nine-player deal. Forwards Matt Frattin, Casey Bailey and Ryan Rupert and defenseman Cody Donaghey go with Phaneuf to the Senators for defenseman Jared Cowen, plus forwards Colin Greening, Milan Michalek and Tobias Lindberg. The Maple Leafs also pick up a second-round pick in the 2017 draft.

This deal is all about Phaneuf, and here are five reasons why it makes sense for both teams:

Senators need Phaneuf, and Maple Leafs don’t

Phaneuf, 30, is a hard-hitting veteran defenseman with the potential to be a major help to the Senators as they try to earn a playoff spot in the Atlantic Division. Phaneuf was appreciated by Toronto coach Mike Babcock, but his $7 million cap hit through 2020-21 was too much for the rebuilding Maple Leafs.

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Pieces fit perfectly

After Dustin Byfuglien was re-signed by Winnipeg on Monday, it was clear that the trade market would be short of impact defensemen. Although Phaneuf has his shortcomings, he's still a player with the potential to be a game-changer. He can be a 40-point, 100 penalty-minute guy with an intimidation factor. Some teams that would benefit by landing Phaneuf simply didn't have the salary cap space necessary to acquire him. The Maple Leafs didn't want to retain salary, and the Senators were among the few teams that could make a deal like that. The Senators needed to move Michalek, Cowen and Greenling to make it happen, and the Maple Leafs were willing to accept those players because they all have contracts that expire after next season.

Good timing

The Senators recorded a big win over Tampa Bay on Monday night, and are showing signs of coming together for a playoff push.

They entered Tuesday night four points out of a wild card spot in the Eastern Conference with 28 games remaining. They could't afford to wait until the Feb. 29 trade deadline to land a defenseman. The Maple Leafs also had incentive to move early: they plan to deal a handful of players before the trade deadline and moving Phaneuf was the most difficult given his salary. It's good to have that one done early.

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Compensation was fair

A player of Phaneuf's ability and experience would normally command a first-round pick or a prize prospect. But teams wouldn't pay that price because of Phaneuf's salary. Teams looking to acquire Phaneuf wanted the Maple Leafs to view this is a “salary dump” situation. They wanted the Maple Leafs to act as if the acquiring team was doing them a favor. At least in this deal, they picked up another draft pick that could be one of the top 50 picks.

Long-term objectives reached

This gives the Maple Leafs cap relief, particularly if they are interested in making a run at signing Steven Stamkos next summer. The Senators see Phaneuf as being an essential player for this year and beyond.

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