Chicago Blackhawks Toronto Maple Leafs Trade: Rumors & History

McCabe Trade Date: Feb 27, 2023 · Players Acquired by Leafs: Jake McCabe, Sam Lafferty · Recent Rumor Date: Apr 25, 2026 · Rumored Leafs Players: Morgan Rielly, Matthew Knies · Deal Completion: Apr 11, 2025

The table below consolidates the key trade parameters referenced throughout this article.

What’s the most shocking NHL trade ever?

The 1947 blockbuster between these two franchises stands out as one of the most consequential multi-player deals in pre-war hockey. On Nov 2, 1947, the Maple Leafs sent Gus Bodnar, Ernie Dickens, Bob Goldham, Bud Poile, and Gaye Stewart to Chicago for Max Bentley and Cy Thomas (The Hockey Writers trade history). That kind of depth-for-talent swap was rare for the era and shaped both rosters for years.

Historical Blackhawks-Leafs trades

The two Original Six franchises have been trading partners since the 1930s. The earliest recorded deal came Dec 29, 1936, when Toronto dealt Regis Kelly to Chicago for Bill Kendall (The Hockey Writers trade history). By the time the NHL formalized its modern trade rules, the two teams had completed dozens of swaps spanning draft picks, role players, and future stars.

More recently, Toronto’s GM Brian Burke flipped 2011 second and third-rounders to Chicago for a 2010 second-rounder—a move that allowed the Blackhawks to draft Brandon Saad with that pick (Sportsnet trade tree analysis). Saad went on to become a key piece for Chicago across two stints.

Impact on teams

The 2006 draft-day trade offers a useful contrast: Toronto traded the 76th pick for Chicago’s 99th and 111th selections, then used those assets to eventually land James Reimer (Sportsnet trade tree analysis). Picks-only deals tend to take years to evaluate. The McCabe trade, by contrast, delivered an immediate playoff-caliber defenseman and a forward on the same day.

The implication: when these two teams deal, the returns often show up in different shapes and timelines—sometimes a future star, sometimes a difference-maker right away.

What did the Leafs offer for Rantanen?

The Rantanen sweepstakes generated significant league-wide interest, and the Hurricanes reportedly asked for Mitch Marner as part of the asking price for the Colorado star. Sources familiar with those discussions noted the Leafs were unwilling to meet that demand, and the deal eventually went elsewhere (Hockey Patrol trade report). The episode underscores how reluctant Toronto has been to move core forwards even when marquee talents become available.

Marner in trade talks

Marner’s name comes up every trade season, but his full no-move clause and cap hit make him a difficult asset to relocate. The Hurricanes asking price—reportedly Marner plus additional value—reflects how league executives still view the Leafs’ top-six as overvalued in trade conversations.

Hurricanes demands

Carolina’s front office was aggressive in Rantanen talks, fishing well beyond what most contenders were prepared to offer. The gap between what Carolina wanted and what the market bore out left the Avalanche with fewer options when the deadline pressed.

Maple Leafs Acquire McCabe and Lafferty from Blackhawks

On Feb 27, 2023, Toronto acquired Jake McCabe and Sam Lafferty from Chicago in exchange for Joey Anderson, Pavel Gogolev, a conditional 2025 first-round pick, a 2026 second-round pick, and two conditional fifth-rounders (NHL.com official announcement). The Blackhawks retained 50 percent of McCabe’s remaining salary, a key condition that made the cap math work for Toronto.

Trade date and assets

McCabe was coming off a four-year, $16 million contract he signed with Chicago on July 28, 2021 (NHL.com official announcement). By trade time, two seasons remained. He had posted 119 points across 483 regular-season games with Chicago and Buffalo prior to the deal. The 44th-overall pick from the 2012 Draft arrived in Toronto as a proven top-four defender with playoff experience.

2025 deal completion

The conditional first-round pick included in the deal carried a top-ten protection clause that pushed the selection to 2026 if the pick landed in the lottery range. Toronto fulfilled its pick obligations on Apr 11, 2025, officially closing the transaction a full two years after the initial swap (Hockey Patrol trade closure report). McCabe reportedly has been a huge difference maker for Toronto since arriving.

The pattern: the McCabe trade showed that buying a proven defender can yield immediate playoff value, while the pick conditions gave Chicago flexibility to wait for the right draft position.

Blackhawks Linked to Rielly and Knies in Rumors

Unverified reports emerged in April 2026 suggesting the Blackhawks had interest in Leafs captain Morgan Rielly and forward Matthew Knies as offseason targets. However, no credible sources have confirmed any formal talks or offer sheets between the clubs. Rielly remains under contract with Toronto, and Knies is considered a building-piece asset for a team trying to contend now.

Offseason speculation

Rumors of this nature are typical in the offseason when cap space and team trajectories create natural match-making conversations. The Blackhawks have shown willingness to take on contracts for picks, while the Leafs have explored moving mid-tier assets. Whether those interests converge on Rielly or Knies remains unconfirmed.

Times of India report

The initial report circulated through non-mainstream channels, which is common for offseason speculation before formal reporting confirms details. Major outlets including NHL.com have not reported any confirmed talks involving Rielly and Chicago.

Blackhawks Targeting Maple Leafs Star Again

The pattern—if accurate—mirrors the McCabe approach: Chicago targeting a Toronto player who carries term, fits a positional need, and would theoretically be available if the Leafs reset their window. The difference this time is that Rielly, as captain, would require a much larger package and carries a full no-move clause.

Forward push

Chicago’s recent rebuild has prioritized high-upside forwards, and Knies fits that profile more cleanly than a blueliner like Rielly. A forward acquisition would align with the Blackhawks’ stated plan to build around Connor Bedard with complementary scorers.

The Hockey News analysis

Coverage from specialist outlets has noted that the Leafs’ cap situation makes almost any move involving Rielly or Knies contingent on clearing other space first. Until Toronto addresses its commitments to Marner, Matthews, or Nylander, a deal of this magnitude stays in the rumor column.

What this means: the Rielly connection may reflect Chicago’s wish list rather than active negotiations. The Leafs’ cap constraints haven’t changed, and Chicago’s rebuild timeline may not sync with what Toronto would need in return.

Summary

The McCabe trade remains the defining transaction in the modern Blackhawks-Leafs relationship—a deal that delivered immediate value to Toronto while giving Chicago the cap flexibility and picks it needed. Rielly-to-Chicago rumors will persist as long as the Leafs’ cap sheet stays tight and the Blackhawks keep shopping for players with term. Until a credible source confirms formal talks, fans should treat those whispers as offseason noise rather than emerging news.

Toronto’s willingness to acquire McCabe demonstrated that the franchise prioritizes short-term playoff readiness over draft-pick hoarding, while Chicago’s rebuild strategy continues to favor accumulating futures over retaining expensive veterans.

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