Morgan Rielly trade value improves as Maple Leafs return assets are revealed

Morgan Rielly's trade value isn't as low as you'd think and according to one source close to the San Jose Sharks, they could be the ones who zero in on the veteran.

Rielly's future has been a talking point for the last two years now, and though Toronto gave him this year to sort it out, he was actually pretty awful yet again and wasn't helpful at all in the defensive end. It's led to a lot more trade chatter and there's a deal expected to be done eventually, and one team is circling the waters much like their salt water moniker.

Rielly had yet another bad season defensively with a minus-18, with a combined minus-26 and only 77 points over his past two seasons and his physicality dropped off a cliff; he had only 21 hits in 2024-25 and 35 hits in 2025-26 as opposed to 98 hits in 2023-24.

For months it's been speculated that the San Jose Sharks would be keenly interested in bringing Rielly aboard not only because he would be able to give them a strong veteran presence among the youth movement.

San Jose circling the Maple Leafs trade waters looking for a potential Morgan Rielly deal

It makes a lot of sense for Rielly too as he not only gets himself a change of scenery and away from the pressures of Toronto, but would be moving closer to home in a sense being on the west coast.

While there hasn't been a ton of traction beyond previous reports, Sheng Peng revealed that talks at the Combine show a Rielly deal could be on the way.

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It's believed that Rielly's value actually supersedes his projected value considering that the Sharks need defenders and the Sharks are a team who can provide a decent return for Rielly and give both teams what they need.

It's not known what Toronto would be asking for in return, but if it's defenders they want they could look at Cam Lund, an American forward with a blazing fast shot, or they could see if San Jose would part with the 20th overall pick along and perhaps a smaller prospect name like Ethan Cardwell, who gives the Maple Leafs some much needed bite up front.

Toronto and San Jose have already made several deals, and look to add one more with Morgan Rielly

It's not the first time that the Sharks and Maple Leafs have done business either, as the two have made two trades in recent years that have worked out for both sides.

First, the Maple Leafs traded Timothy Liljegren for Matt Benning as the Sharks needed a right-handed puck-mover and the Toronto needed more of a shutdown guy and weren't giving Liljegren minutes.

Then they came together again later when San Jose took on Ryan Reaves' contract with Henry Thrun going the other way; and Thrun has been a solid contributor to the Toronto Marlies during their Calder Cup run.

A third trade wouldn't hurt anyone, and with the Sharks needing to fill a genuine hole plus Rielly not being a poor offensive player - it's a win for them and they can afford Rielly's $7.5-million AAV.

Toronto gets that money off the books and potentially adds a great prospect in 2026 if they get a draft pick, or someone who is already in the AHL and could be looking to make the leap. It sounds like another win-win for both sides.

We just have to wait and see if the Sharks take the bait and if Toronto catches a break.

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