Actually the cap relief for Cowen would only be $650,000 to get full cap relief they would need to put a 3 million cap dump in this trade.

That's a real stretch to think Lupul will be year long LTIR cap relief, and that Robadias is eligible for for entire cap relief (35+ signing). Campbell would not come to the Leafs for 3m. Don't think Arizona would want to pick up all, 4m, of Michalek's salary. And Michalek does have a total NMC. Carrick Connor, Marincin and a think Sparks are going to get more money or else they will be signed elsewhere and the Leafs would get no draft compensation.
The Pens might want to trade Fleury for cap reasons, but certainly don't have to this season. There will be a lot of goalies available in the expansion draft. Fleury at 5.7m may not be that appealing compared to some others, so it's not like the Pens "hands are forced."

@Leafaholic I was under the impression that due to a wrinkle in his contract buying him out takes him off the cap completely plus it adds about $650,000 in space to your cap, making him extremely valuable in a trade to a team like Pittsburgh or Chicago. Which was the only reason he was shut down for the year, not risking him getting injured..

There's been a lot of rumours floating around the team that he won't be playing next year, before he was shut down for the year he was saying all these injuries are starting to take a toll on his body and it's getting tougher and tougher to recover as the years go by, most people think he's done. And are you 100% certain on Robidas? I was under the impression the 35+ contract had an impact on buyouts only.. but either way Lou found away to do it last so why wouldn't he just do the same this year? Michalek has 1 year left on his deal and Arizona isn't in cap trouble.. we can eat salary if need be but at this point you're just nitpicking, is this fun for you? lol. In regards to Carrick, Sparks, and Marincin they have absolutely zero leverage here, fringe AHL/NHL who haven't proven anything yet.. Yes they can sign an offer sheet with another team 1 million but obviously the Leafs will just match it, again you're nitpicking.

Michalek: No I'm not nitpicking. He has a total NMC, no buyout, no send to Marlies agreement. So 4 milliion in cap is not nitpicking. RFAs can be offered 1.28m on an offer sheets without compensation so if players are going to part of your top 6 defence, this is would probably be their miniminal value.
Chris Pronger was injured and traded to Arizona. Why, Flyers had no cap room, and by making a deal with Arizona, Arizona took the cap hit. Pronger had signed as a plus 35+ player.
The trouble with Lupul, and I would say other aging players is that after injuries they slow down and might not be up to their old standards. But they can still be medically cleared to play and therefore on the roster.
You can almost be sure with Lupul is at some time he is going on LTIR during the season, which makes him more value cap wise to remain a Leaf as opposed to buying him out.

I do know what a NMC, not sure what point you're making there.. he can still be traded to Arizona for a 7th especially if the Leafs eat salary as they have plenty of cap space. In regards to Robidas, you're saying his full cap hit was on the cap all year last year? I though it wasn't on the cap.. therefore the same would happen this year. And same with Lupul, if he's on LTIR most of the year that was the only way I could show that in my mock lineup so that could be called nitpicking on your part no?