The smart move would be to put him on waivers at the start of the season. If someone claims him great, but if he clears only
200k of his salary would count against the cap.

I suggested earlier that the Leafs might have a "deal" with Reaves. Obviously he liked the Leaf contract offer since he accepted him. I suggest that he goes on waivers as you suggest. He spends about half the year with the Marlies...just a paper move, he actually doesn't play for the Marlies. But he goes up and down every week....so he plays 41 games with the Leafs. The other 41 games, the Leafs call up a waiver eligible player. For an 800,000 call up. It would cost the Leafs 1.15m total. Your suggestion would cost 1m. (they have to replace Reaves in the lineup) Leafs would still have access to Reaves for the playoffs.