According to Bob McKenzie, it’s going to be nearly another month before the Cowen case gets settled for the Toronto Maple Leafs.
The Cowen situation isn’t much of a distraction for the Leafs on the ice as Cowen wouldn’t be playing anyway, nor does he currently affect the salary cap in a negative manner.
If he doesn’t end up winning and coming back on the cap for Toronto then there will be financial consequences for the Leafs, but that can be rectified with a band-aid LTIR placement if space is needed.
As far as the league is concerned right now, Cowen is bought out.