Welcome back to the NHL, Wade Redden.

One of the concessions the league made to the players in its latest proposal was accepting a one-time compliance buyout prior to the 2013-14 season. The buyout will not count against a team’s salary cap, meaning teams like the Rangers can finally rid themselves of ugly contracts like Redden’s. (Note: The buyout will still count against the players’ share, which might be an issue for the union).

The Leafs are actually in a fairly envious position; only two players are signed beyond four years—Mikhail Grabovski, their best two-way forward, and James van Riemsdyk, who is only 23.

Unlike in Anaheim, Brian Burke has done a good job creating cap flexibility. The bad deals, like Tim Connolly and Matthew Lombardi, are both done after this season.

The roster isn't without its fixable mistakes, however. The two players who are most frequently cited as buyout candidates are Mike Komisarek and John-Michael Liles.

Unlike last year, this year's free agent market hasn't produced a feeding frenzy like everyone expected. Zach Parise and Ryan Suter got paid, but no team has taken the Florida Panthers approach of overpaying every average player available and hoping it's enough for the playoffs (I still can't believe it was for Florida).

Sure, the Flames overpaid both Dennis Wideman and the soon-to-regress-terribly Jiri Hudler, but that's just the Flames doing Flamesy things. Jay Feaster doesn't think he overpaid either of those players; in his mind the Flames got a steal. It will be interesting to see what the team does when the cap drops from $70 million. I want a camera there when someone tells Feaster he's over the cap by a good $5 million.

Yesterday at the Good Point I wrote about whether the big hold up on the UFA-front is due to the CBA that will expire at the end of the summer. I also speculate about whether a certain Tim Connolly, and players of his ilk, can be traded (hint: yes).

When the Maple Leafs re-signed John-Michael Liles, the prevailing thought was that Mikhail Grabovski was about to become a cap casualty. Liles took less than $4 million to stay in Toronto, putting next year's cap space at slightly over $11 million. The problem was that Keith Aulie, Cody Franson, and Nikolai Kulemin become restricted free agents in line for raises, and Jonas Gustavsson becomes an unrestricted free agent.

Grabovski will likely make close to $5 million, so to keep Grabovski in the fold the Leafs need some creative cap management, especially if they hope to make other improvements to the squad.

Because of the shrinking cap space and Grabovski's soon-to-be free agent status, his name has inevitably popped up in trade rumours. And unless there's some unlikely fantasy scenario where Ryan Getzlaf comes back the other way, in no way does a Grabovski deal help the Leafs.

Today we have a guest post from my good friend Ted Rigby, who has previously lent his knowledge of all things moustachioed. We also intended to write together for the ill-fated John Olerud's Helmet, a baseball blog that died a fiery death.

Here is an introduction to the Leafs' newest acquisitions.    

I am fighting an opponent I can't win against: my heart.

Those are the words of the incomparable Jose Canseco. Of course, he spelt opponent 'apponent', but his words still carry meaning. 

Those words might as well describe my feelings towards the Maple Leafs. No matter what they put me through, they still grab hold of my heart and refuse to let go.

This off-season the Leafs have made changes to their line-up once again, and just like some idiot that never learns, I’m drinking the Kool-Aid. The heart is a powerful thing. Consequently, I’m convinced this season is different from all the others! Hmm, that sounds eerily familiar.

But I’m not such an idiot that I think this team is the 1976 Montreal Canadiens reincarnated (that reference hurt). There are reasons to seriously doubt the Leafs and I acknowledge them (and hate them).

With the season gearing up, here are five reasons to be optimistic, five reasons to be pessimistic, and five reasons to be realistic about the upcoming season.

The NHL’s free agency period opened on Canada Day and GMs everywhere went mad. July 1st isn’t usually a day of tepid, reasoned action: it’s a day of all out anarchy. This year proved even more extreme than usual. Because of the increasing salary cap and a general lack of difference-makers on the market, teams were outbidding each other to throw crazy money at mediocre players.

Teams like the Florida Panthers desperately needed to make the escalating cap floor and spent an inappropriate amount of money on players like Scottie Upshall and Ed Jovanovski.

Not only was the amount for a former third-liner obscene, but the term given out was maddening. Max Talbot for five years? Ville Leino for six? Crazy.

The Leafs wisely chose to avoid getting into a bidding war on free agents like Joel Ward and Scottie Upshall, who they likely had interest, but not for the amount players of that ilk eventually signed for. Some people in Leafs Nation were upset with Burke's inactivity, but at that likely stems from their desire to see something happen. Some tangible evidence of "progress". In reality, avoiding these deals and allowing a young player like Matt Frattin or Nazem Kadri to grab a roster spot is much more prudent.

The one bidding war the Leafs did engage in was for the services of Brad Richards – the only legitimate star among this year’s crop of mediocrity.