TORONTO — The dock is calling, but GM Brad Treliving can’t kick up his feet and turn off the cellphone just yet.

The Toronto Maple Leafs’ first off-season of the post–Core Four era is off to a promising but ultimately unsatisfying start.

It would be difficult to make the case that the club that finished first in the Atlantic Division in 2024-25 got better on paper.

There is money to spend, trades to be made, and months to spare before we hit October, let alone March.

Let’s examine where the 2025-26 Maple Leafs stand now, and which boxes on Treliving’s to-do list remain unchecked.

Knies – Matthews – Domi

Maccelli – Tavares – Nylander

McMann – Roy – Robertson

Lorentz – Kämpf – Laughton

Pezzetta – Järnkrok – Reaves

Total forward cap hits: $57.9 million

Total defence cap hits: $25.7 million

Total goalie cap hits: $6.2 million

Cap space remaining: $5 million

What’s left to do this summer

1. Trade for a top-six forward.

In an alternate universe (i.e., one not ruled by Bill Zito), Treliving would’ve signed Brad Marchand in free agency. The Leafs were also linked to impact forwards Mason Marchment and J.J. Peterka, both of whom were dealt to competitors.

Treliving has the cap space to add but isn’t flush with the type of high draft picks and desirable prospects — outside of Easton Cowan, whom he’d rather keep — to make a big-swing trade.

This is why you’ll hear the idea of dealing a good defenceman (recently acquired Brandon Carlo? Convincing Morgan Rielly to waive his no-move?) instead.

Or why Treliving might settle for another middle-six centre-slash-winger in UFA Jack Roslovic, whose only cost is money.

A better option might be to hang on to the cap space and wait for more trade targets to emerge by trade deadline.

The Canucks weren’t shopping J.T. Miller last summer, and the Sharks weren’t moving off Tomas Hertl in the summer of 2023. More good players will shake loose.

2. Reach a decision on Nick Robertson.

Unlike Pontus Holmberg (now in Tampa Bay), the 23-year-old sniper was given a qualifying offer of $918,750 and could well remain a Maple Leaf — despite constant trade rumours and at least one trade request.

Robertson, scratched yet again with Toronto’s season on the line, finally has some negotiating leverage. The winger filed for arbitration and will get a decent raise as a 15-goal scorer used so sparingly.

Will it be with the Leafs? Or will Robertson be packaged as part of a trade, like RFA Timothy Liljegren before him?

3. Divide Mitch Marner’s responsibilities.

Coach Craig Berube must begin assembling the not-quite-perfect puzzle pieces he has been given in the wake of Marner’s departure.

The by-committee strategy will require different players to step up on the top power-play unit (back to Rielly?), top penalty-kill unit (Nic Roy?), and top line (Max Domi? Mattias Maccelli?).

When it comes to extending integral pieces, most of Treliving’s work is done. Available to be re-signed any day, though, is Toronto’s No. 1 goalie.

Despite midseason knee surgery and a post-season concussion, Stolarz, 31, proved to be an absolute steal in 2024-25, posting an NHL-best .926 save percentage and a career-best 21-8-3 record, all for $2.5 million.

Do you give the big man a raise now? Or do you wait to see how the season goes for a goalie equally prone to great runs and frustrating health-related absences?

5. Gain clarity on depth-forward logjam.

Toronto has a glut of bottom-six forwards, which is why useful skaters Robertson, David Kämpf and Calle Järnkrok got the healthy-scratch treatment at times in the playoffs.

Cowan has designs on pushing for an NHL job at camp, and Treliving is still on the hunt for more scoring up front.

Something must give. More salary must be shed or buried in the bottom six.

Grading the off-season: B

We must grade Treliving’s off-season on a curve.

Blame for the Marner conclusion is shared, however, and reaches back way before Treliving’s hiring. The exec did surprisingly well to salvage Nic Roy — an everyday centre — given how little leverage he had with Vegas.

We’re also big fans of the relatively low drama and low prices that yielded team-friendly extensions for Matthew Knies ($7.75 million AAV) and John Tavares ($4.39 million AAV).

The decision to not get caught up in overpaying on July 1 for a soft UFA class and saving budget for a bigger move down the road is also prudent.

Dealt a tough hand and lacking trade capital, Treliving has passed the first test in the post-Shanaplan era.