It's not much of a deal, but at least it's a deal.
Just minutes before the NHL trade deadline ended at 3pm Tuesday, the Leafs pulled the trigger on a swap.
It's bringing an old face back to the team and sending another familiar one to Phoenix.
Face-off specialist Yanic Perrault
is coming back to Toronto to help on the power play, while defenceman Brendan Bell will be enjoying the warmth of Arizona.
The Coyotes also get a second round draft pick in 2007.
For Perrault, it's old home week - it's his third stint with the Leafs.
"I'm a little surprised," he admits. "I didn't know if I was re-signing with Phoenix or if they were going to trade me. But I'm happy, I've enjoyed playing in Toronto. It's where I scored my first NHL goal."
The 35-year-old veteran winger has 19 goals and 14 assists in 49 games and G.M. John Ferguson Jr. is confident he'll make an impact.
"Again this year the top face-off percentage man in the league and that's been his calling card, and he's showing it again this year," he said.
As for not pulling the trigger on a bigger deal, Ferguson didn't seem too concerned.
"Let's see how the rest of the season plays out. You know, our club last year was probably second or third best post-deadline record, and that's what's going to be a key for us."
Bell leaves with a record of one goal and four assists in his rookie season.
At least it's some movement, but it's not likely to address many needs for the Blue and White.
They learned early Tuesday that their bid for Gary Roberts would be going nowhere, after the winger waived a no-trade clause and agreed to skate alongside Sidney Crosby in Pittsburgh.
The 40-year-old left Florida in exchange for defenceman Noah Welch.
And if the Leafs were secretly coveting some other free agent help, they were to be denied in that arena, as well.
The biggest prize was the Blues' Bill Guerin, who will be a free agent in July.
He was traded Tuesday morning to the San Jose Sharks in exchange for a first-round draft pick in 2007, forward Ville Nieminen and prospect Jay Barriball.
And now it appears Todd Bertuzzi is gone, too. Reports indicate his new home will be in Detroit with the Red Wings after a swap for C Shawn Matthias and two conditional draft picks.
The Leafs remain mired in tenth place, still barely in contention for a playoff spot.
And while some of their competition improved themselves (see list below), the reacquisition of Perrault may not be enough to placate fans - or save John Ferguson Jr.'s GM job if they don't make it into the post season.
Other Major NHL Trades/Deals
Los Angeles Kings trade Mattias Norstrom to Dallas.
Red Wings acquire Todd Bertuzzi from Panthers for C Shawn Matthias and two conditional draft picks.
Martin Biron sent from Sabres to the Flyers for second-round 2007 draft pick. Also acquired Ty Conklin from Columbus for fifth-round 2007 draft pick.
Buffalo also picked up forward Dainius Zubrus from the Washington Captials and minor-league defenceman Timo Helbling in exchange for a first-round draft pick in 2007 and forward Jiri Novotny.
Edmonton Oilers trade forward Ryan Smyth to New York Islanders.
Brad May goes to Anaheim from Colorado in exchange for goaltender Michael Wall.
Senators have acquired forward Oleg Saprykin from the Phoenix Coyotes.
The Pens acquired Georges Laraque from the Phoenix Coyotes for minor-league forward Daniel Carcillo and a late-round draft pick.
The Canucks acquired defenceman Brent Sopel from Los Angeles for a second-round pick in either 2007 or 2008 as well as a 2008 fourth-round pick. They also picked up centre Bryan Smolinski from Chicago for a conditional second-round draft pick in either 2007 or 2008.
The Wings completed a three-way deal that landed them winger Kyle Calder. The deal started when the Flyers sent Calder to Chicago for a third-round pick in 2007 and Lasse Kukkonen. The Hawks then flipped Calder to the Wings for winger Jason Williams.
The Montreal Canadiens claimed goaltender Michael Leighton off waivers from the Philadelphia Flyers.
The Phoenix Coyotes signed veteran centre Kevyn Adams to a US$650,000, one-year contract extension.
The New York Rangers traded defenceman Aaron Ward to the Boston Bruins for D Paul Mara.
The New York Islanders have acquired winger Richard Zednik from the Washington Capitals in exchange for a second-round draft pick in 2007.
The Caps acquired defenceman Andy Hedlund and a sixth-round draft pick in 2007 from the Ottawa Senators for defenceman Lawrence Nycholat.
And Fredrik Modin signed a US$9.75-million, three-year contract extension with the Columbus Blue Jackets.