Report: Maple Leafs Back Away From Trading Easton Cowan

Easton Cowan was a trade chip in Toronto a few weeks ago. 

According to Elliotte Friedman, he's now very much part of the plan.

Friedman said on Thursday's 32 Thoughts podcast that the Maple Leafs had conversations over the summer that could have involved Cowan, but his stock inside the organization shot up before the season even started. 

"I think there were a couple of things in the offseason that [the Leafs] were considering that could potentially have Cowan involved," Friedman said. "I did hear this week that even before the puck dropped that Cowan's stock in the organization was way up and that Toronto's desire to move Cowan has really decreased."

Training Camp Changed The Conversation

Head coach Jim Hiller singled Cowan out after the very first practice of camp as the player who stood out most, describing him as "a puck hound."

The early results back that up. Cowan has three points in Toronto's first two games and leads the team in scoring, skating on a line with Nick Paul and Colton Sissons. 

Hiller has even resisted the temptation to promote him up the lineup, preferring to keep a line that's working together rather than break it up.

Easton Cowan makes it 2-0 with his first goal of the season 🤠 pic.twitter.com/ny0dNBYVlV

— Sportsnet (@Sportsnet) October 1, 2026

Cowan is 21, carries a cap hit of roughly $900,000 on his entry-level contract, and has already won back-to-back OHL titles and a Memorial Cup championship with the London Knights. 

"Easton Cowan's a guy who has shown offensive prowess," Friedman said. "We saw it in the OHL, saw it at times in the AHL, and last night and in the first game we've seen it in the NHL." 

He added he believes there's a "$50 million contract out there for Easton Cowan" down the road.

Toronto's Math Changed

Toronto's blockbuster trade of Matthew Knies to Columbus for Kirill Marchenko left the team leaning even more on its young, cost-controlled forwards, and a cheap, productive player like Cowan is exactly the profile contenders spend years chasing.

"You're seeing less and less ice time for the offensive guys when they're up a goal." @kbieksa3 breakdowns the Maple Leafs' forward usage under Jim Hiller ⤵️ pic.twitter.com/tn37MuCjyQ

— Sportsnet (@Sportsnet) October 3, 2026

Friedman did add a caveat worth keeping in mind. "I hesitate to say that guys are off the market because we've learned that nothing is ever guaranteed," he said.