What happened: Ottawa discussed a bonus-laden contract for the unrestricted free agent before concluding he was not the right roster fit. Larkin prefers to remain in the United States, while his full no-trade clause runs until 2028. Toronto signed Brendan Brisson to a one-year, two-way deal worth $850,000 in the NHL and $300,000 in the AHL.

Why it matters: Ottawa's decision removes one potential destination for an established scorer. Larkin's control over his destination could constrain trade talks, while Toronto must move a contract before making another addition.

What to watch: Training-camp transactions will show whether Toronto creates flexibility at the contract limit. Laine's next destination and any change to Larkin's approved list bear watching.