The Toronto Maple Leafs have practically given Easton Cowan a 0% chance of making the opening night roster next season. Even with Mitch Marner gone, the additions up front have the forward corps completely jammed.
Dakota Joshua, Matias Maccelli, Nic Roy, and Michael Pezzetta are the new guys. Steven Lorentz will be back, and so will Scott Laughton. Even Nick Robertson should be back, barring a trade.
They’ve given Cowan no shot of making the team. He won’t play on the fourth line, and he won’t instantly be in the top-six. He’ll start the year in the AHL and could get a shot when an injury happens, but even that isn’t a guarantee.
For these reasons, now is the time for the Leafs to trade their No.1 prospect.
Peak value
Cowan was actually seen as a reach at the draft, but he’s proven the scouting team right so far. Cowan has been dominant in the OHL and is easily the Leafs’ top prospect, as he has been for two years. He’s one of the only Leafs forward prospects with actual pedigree.
His absolute peak value has likely already been reached. He would’ve been worth more last summer, coming off a 96-point campaign in his D+1. But he’s still worth a lot, especially after a dominant playoffs in 2024–25. Cowan is too good for the OHL and would’ve benefited from playing in the AHL last season.
No one knows how his rookie season as a pro will go. Cowan could be overmatched against grown men and take years to develop. But that won’t help the Leafs in any way, not during their Stanley Cup window with Auston Matthews under contract. Their only goal should be success now.
The chances of Cowan raising his value are super low. Unless he sets the AHL on fire, other teams aren’t going to covet him more than they do now. The most likely scenario is that he looks fine on the Marlies and looks overmatched if he gets called up. Other teams won’t like that!
The Leafs don’t have a roster spot for him and can’t afford for his value to drop. The time to trade him is now.
A clear need
Toronto would be fine to let Cowan take as long as he needs to develop if they didn’t have such a glaring hole on the roster: a top-six winger.
Maybe Cowan can be that one day, maybe not. But he can’t be that this year, and unfortunately, the Leafs don’t have time to let him grow. They need someone to play in the top-six, and Cowan is the easiest way, by far, to make that happen.
There are players out there. Jason Robertson, Rickard Rakell, Bryan Rust, Jordan Kyrou, just to name a few. Cowan can’t fetch one of these guys by himself—not many prospects in the whole league could—but he can be a headliner.
Brad Treliving hasn’t taken a big swing yet as the Leafs’ General Manager, but if he wants to (and he should), Cowan is the guy to move.
The Pittsburgh Penguins make the most sense. They have Rust and Rakell and are the only team in the league in a full-blown rebuild. Kyle Dubas might have some hard feelings for Toronto, but Brendan Shanahan is gone. If he and Treliving want to cook up a trade together, there’s plenty of reason it could happen.
A big risk
There’s no doubt trading Cowan is risky. There’s a chance he’s a top-six contributor making under $1M in just a couple of years, and it would suck for Toronto to miss out on that.
However, if the right trade presents itself, for one of the players listed earlier, Treliving must pull the trigger. Toronto isn’t in the business of development right now; they’re in the business of winning. Who knows how much longer their window will be open, but they have to take every chance they can to improve their NHL roster.
Cowan is a great prospect, and they’ve held on to him for a reason. But with such a clear path to improvement, one that Cowan can help with, Toronto should take every opportunity to improve. That means moving on from Cowan.
