New deal could save Toronto Maple Leafs $500,000 per year

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The Toronto Maple Leaf hockey club is looking to cut $500 million from its payroll in the coming years.

The team announced the deal Thursday morning.

The Maple Leafs will save about $500M in total by keeping the same salary cap, but the new deal will allow the club to bring back some key players, according to a release from the team.

Players like Jaromir Jagr, Tyler Bozak, Cody Franson and Dion Phaneuf will return to the Maple Leafs in some capacity.

The move comes as the Leafs are in the midst of a rebuild.

The team signed five-time All-Star forward Nazem Kadri, defenceman Morgan Rielly, defence prospect Mikhail Sergachev, goaltender James Reimer, winger Connor Brown and defenceman Travis Dermott.

The Leafs will also have more salary-cap space in 2019-20 than they did in 2018-19.

The contract, which is worth about $5.7 million per year, is the first major contract extension for GM Brian Burke in four years.

Burke has had a mixed offseason with his top picks.

He signed two first-round picks, first-year centre David Clarkson and first-rounder Kyle Dubas, to long-term deals.

The Leafs also signed free agent defenceman Michael Grabner, defencemen Cody Frischkreutz and Kyle Clifford, and goaltenders Anton Khudobin and Antti Raanta.

The NHLPA is expecting more deals to come.