Toronto probably.
Marner>Arvidsson
Liljegren 7th

NSH declines.

Depends on Fabbro’s development and both teams seasons. Both teams are early eliminations away from a real shake up and this Marner trade makes a lot of sense should they each want a shake up. And if Fabbro steps up and proves he’s top 4 ready NSH can move Ellis.

Nsh

The Preds. The Preds say no.

How could you justify losing a forward on a good contract and one of the leagues best defensemen for an admittedly better forward, but also on a worse contract? The question isn't if you'd rather have Arvidsson or Marner, it's if you'd rather have marner and a 700k contract or Arvidsson and an 8 mil player. Liljegren is how many seasons past his draft year? The chances of him turning into something great are very slim at this point.

Both teams decline imo. For TOR, Ellis’ contract could turn ugly in a few years and i’m not sure he’s the Defenseman the Leafs need right now. For NSH they probably wouldn’t want to move Arvidsson and his team friendly contract for Marner and his not so team friendly contract.

Leafs. Age wise doesnt make sense. Don't see either team liking this actually. Not the best fit

The Leafs most definitely say no. A 30 year old defenceman who has 7 years of term for a 23 year old 90+ point player is just madness.