Cowen’s contract was a gift in the Dion Phaneuf trade between the Ottawa Senators and the Toronto Maple Leafs. The way it’s structured it actually gives the Toronto Maple Leafs more cap space than Cowen’s actual hit in the first year of the buyout.
In the second season, he’ll only cost $750K against the Toronto Maple Leafs salary cap. The Toronto Maple Leafs wanted cap space when they dealt Dion Phaneuf, and they got it.
Cowen will only be on the books through 2017-2018, before the Toronto Maple Leafs will have to start considering dishing out big money to top young players.