It’s been a month and a half since Mitch Marner was officially traded to the Vegas Golden Knights, ending one of the NHL’s longest-running sagas. The Toronto Maple Leafs star winger signed an eight-year, $96 million deal ($12 million AAV) and was promptly moved to Vegas in a one-for-one swap for forward Nicolas Roy.
Looking back, the trade is as much about what almost happened as what actually did.
The Trade That Nearly Happened
At the end of June, Sportsnet’s Elliotte Friedman and The Athletic’s James Mirtle both reported that the Golden Knights had been working on a three-team blockbuster trade ahead of the 2025 NHL Trade Deadline.
Mirtle wrote at the time:
“… there were also discussions around a Marner-to-Vegas transaction before the trade deadline this year, a move that would have involved the Hurricanes in a three-way deal. Theoretically, the Leafs would have received Mikko Rantanen while the Golden Knights got Marner and sent something to Carolina.”
source – ‘The 9 most intriguing teams of NHL free agency: What I heard from a buzzy draft combine’ – James Mirtle – The Athletic – 06/09/2025
The deal came close, but it fell apart over disagreements between Carolina and Vegas regarding the final exchange. At the time, fans speculated that Toronto could have landed a player of Rantanen’s caliber as a direct replacement for Marner — a swap that would have reshaped all three rosters.
One Star vs. Several Depth Pieces
When that deal never took place, Marner signed his new contract with the Leafs and was traded to Vegas in a straightforward one-for-one swap for Nicolas Roy. Toronto avoided losing a star for nothing, and Vegas avoided tampering concerns that were rumored when it became apparent he was joining the Golden Knights.
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Roy, 28, contributed 15 goals and 31 points in 71 games last season and brings versatility and depth to the Leafs’ lineup. But, it wasn’t just Roy that the Leafs landed. With the additional cap space that came with not acquiring Rantanen in the earlier three-team trade, GM Brad Treliving spent the savings on several other pieces.
Before the Marner trade, Toronto made a trade with Utah to acquire Matias Maccelli in exchange for a conditional third-round draft pick. Then, on July 17, 2025, Toronto acquired Dakota Joshua from Vancouver in exchange for a 2028 fourth-round pick.
The question now is, are the Leafs better off with three pieces versus one?
Are Both Teams Better After the Failed Blockbuster?
Vegas picked up the star of the many trades that followed the failed three-team blockbuster. Because Rantanen went to Dallas in a separate trade, Marner became the lone asset capable of producing 100 points.
Vegas immediately upgraded its top line, as Marner and Jack Eichel could be a deadly duo in the Pacific Division. No doubt, they won the trade on the surface.
Toronto is hoping they’re better in the aggregate. They didn’t pick up Rantanen, but if they acquire three pieces that together could produce 100 points, the Marner trade that did happen may ultimately turn out to be, for lack of a better word, a winner.
The Marner saga is a reminder of how NHL trades can evolve. A blockbuster three-team deal that seemed nearly certain ultimately gave way to a simpler, more manageable swap — and yet the outcome still delivers significant benefits for both sides. As fans reflect on what might have been, it’s clear that Marner’s departure marks the end of an era in Toronto, a retooled Leafs top nine, and the start of a new chapter in Vegas.
