What happened: Toronto will receive Kirill Marchenko and Elvis Merzlikins from Columbus for Matthew Knies. Marchenko agreed to a six-year extension carrying a $12.5 million AAV with Toronto. Sources told ESPN's @wyshynski and @emilymkaplan about the swap.

Why it matters: Toronto commits long term on the wing while changing its goaltending room. Columbus pivots to a younger forward days after Boston's formal bid for Marchenko. The swap resets roster construction for both clubs entering the 2026 season.

What to watch: The deal awaits trade call and physicals to become official. Watch for opening-night lineup placement and corresponding roster moves.