If Toronto wanted to acquire Dylan Larkin, they could do so but it would involve losing players that they truly can't afford to get rid of.
With all the discussion about where Dylan Larkin is going to end up, the teams that seem to get the most attention seem to be Minnesota, Florida, Vegas, and Dallas though assuredly every other team around the league would want to add him.
An elite two-way threat, Larkin hasn't really seen much of the postseason despite his strong career numbers, and is looking for a new destination that can provide him more consistent postseason appearances.
Detroit wants the exact type of players Toronto can least afford to subtract
But whoever does end up acquiring him is going to be paying not only a fair bit of money for his contract, but also in terms of assets just to bring him aboard. According to Ansar Khan on Oilers Now - the Red Wings aren't looking to take their time getting better:
The Wings aren't interested right now...in prospects and draft picks and just extending this rebuild; they're desperate to make the playoffs next season; they need NHL ready players for that.
With any team looking to pay heavy for Larkin, the Maple Leafs - despite being a team who could use him - can't afford to lose certain players.
If Detroit truly prioritizes NHL-ready talent over picks and prospects, Toronto's most attractive pieces would likely come from the part of the roster it is trying to build around - players such as Matthew Knies or Easton Cowan.
Toronto could meet Detroit's asking style and still make itself worse
Even if Toronto offers a player like Knies, it doesn't necessarily mean that Larkin will be their answer. As good as he's been, we don't know how he'll succeed in the playoffs and despite the lack of elite numbers in the top-six - Knies is still a very important piece nonetheless.
Toronto already lacks a more physical presence in the top-six, and the defensive help that Larkin brings would be beneficial, but also a bit redundant given how much the team focused on adding defensive help up front this summer and it's not like there's urgency to replace John Tavares as the 2C right now.
Larkin's also not guaranteed to really even be a fit with the Maple Leafs and it's certainly a gamble given that he has barely any playoff experience, is going to cost $8.7M for the next five years, and might prevent Auston Matthews from re-signing especially if the cap goes up as rapidly as it has.
Larkin would unquestionably make Toronto better at centre. The problem is that Detroit's preferred return appears to attack the exact part of the Leafs roster Chayka is trying to preserve. Toronto may be able to afford Larkin's cap hit; the harder question is whether it can afford the players required to get him.
On paper it's a no-brainer, but in practicality it's a pipe dream.
Would you trade Matthew Knies for Dylan Larkin?
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