When Brad Treliving took over from Kyle Dubas a few years ago the cupboards were close to bare when it came to organizational trade assets. Fast forward to present day, and that’s very much still the case, making Treliving’s life very difficult as he looks to upgrade the Toronto Maple Leafs’ roster this season.

Toronto has struggled out of the gate in a big way. From sloppy defensive coverage, to underachieving superstars, to injury woes, it has not been pretty through the first month of the 2025-26 season. Treliving has been rumoured to be searching for a top-six forward on the trade market, and also a right-handed top-four defenceman, but there’s one serious problem. The Maple Leafs’ GM has nothing to work with in negotiations.

Part of this situation is Treliving’s fault, and the other portion can be pointed at Dubas, who was never shy dealing away picks and prospects. Treliving’s carried on this tradition in a major way, as just last season he traded one of the organizations best prospects in Fraser Minten, two first-round draft picks, and welcomed Brandon Carlo from the Bruins and Scott Laughton from the Flyers. Both players have had minimal impact, and haven’t necessarily blown the doors off anyone who follows the Maple Leafs. It’s a tough look for a GM who notoriously is in on all available trade candidates league wide, but doesn’t necessarily have the positive track record you’d shoot for, when it comes to big moves.

Carlo’s been rumored to be on the market as there’s rumblings Treliving was considering flipping him during the summer for a top-six forward. The towering defenceman has one season left on his contract, carrying a $3.48 million cap hit, and Carlo owns an eight-team no-trade clause on his deal. Trading Carlo straight up isn’t landing anyone a top-six forward, so if Treliving wants to shake up what’s already a worrisome defence core, he’ll have to package Carlo up with at least one other trade asset. Moving Carlo would mean more Philippe Myers, is that a good thing?

When it comes to high-end draft picks, there’s minimal left to work with. The Maple Leafs don’t have a first-round pick until 2028, they don’t own their second or fourth-round pick in 2026, and a 2027 second-round pick is about as good as it gets from their upcoming draft capital. A horrible place to be for a team that appears headed for a .500 season with their current roster structure.

As far as young organizational talent is concerned. Easton Cowan is the best of the bunch. He’s been up and down to start his NHL career, and it’s obvious there’s plenty of learning that needs to take place before he’s an impact, consistent, top-six forward. A rather common situation for a 20-year-old in his first pro season. Should the Maple Leafs move him? Absolutely not.

After Cowan, and maybe Ben Danford, who has second-pair potential on the back end, the Maple Leafs prospect pool is a bleak situation. They don’t have many throughout their organization that other GM’s are calling about. It’s been season after season of going for it because the Stanley Cup window was wide open, and now Treliving is feeling the consequences in trade talks.

Off the Maple Leafs roster, the first player teams are asking about is Matthew Knies, and those talks are going nowhere. Ideally, Max Domi would be playing much better than six points in 18 games, and Treliving could dangle the versatile Domi in a package for a top-line forward or defenceman. Unfortunately for Treliving, Domi’s $3.75 million cap hit through the 2027-28 season isn’t something that rival GMs are chomping at the bit to add to their roster. Domi has underachieved in a big way in Toronto, hasn’t come close to living up to the all the hype, and is one of the many reasons Treliving’s having a very hard time upgrading the Leafs’ roster via trade.

Nick Robertson’s name has come up before in trade talks, but that’s a super risky move as he’s loaded with untapped potential. Head coach Craig Berube is starting to trust Robertson more, which has resulted in some top-six minutes, and at 24 years old, Robertson’s the type of forward the organizational is desperate for. The Leafs need a ‘next wave’ of talent for their core, and if Robertson keeps trending in the right direction, he could play a big part.

Bobby McMann and Matias Maccelli are two other forwards who could be moved, but again, what’s the return? Neither winger is blowing the doors off to start the season, but have shown flashes of brilliance. Maccelli’s probably doesn’t look great for teams looking to trade, and McMann has all the speed in the world, but can’t consistently get himself into scoring positions on the ice. At $1.35 million cap hit and no trade protection, there’s some potential there for McMann to be a trade candidate.

At the end of the day, the Maple Leafs are in a rough spot when it comes to the trade market. Every GM in the league knows Treliving wants to upgrade his roster, and avoid taking a giant step back this season, however, with Toronto’s lack of organizational assets, the Maple Leafs’ GM is having an awfully hard time finding an interested dance partner.

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