In the trade, the Maple Leafs retain 50 per cent of Winnik's salary/cap hit.

CANADIAN PRESS
FEBRUARY 26, 2015, 6:19 PM
TORONTO — The Maple Leafs have traded winger David Clarkson to the Columbus Blue Jackets in exchange for injured forward Nathan Horton.

Clarkson’s US$36.75-million, seven-year contract was considered an unmovable albatross with five seasons left on it after this one.

Horton, who has five years left on a $37-million, seven-year deal, has been out with back problems and could be on long-term injured reserve, saving the Leafs some salary-cap space.

"We get a player back where if he ever came back he’s an elite player, and in the event he can’t we’ve created some cap space," Maple Leafs general manager Dave Nonis said at a press conference shortly before the Maple Leafs hosted the Philadelphia Flyers at Air Canada Centre.

Clarkson was a healthy scratch for two straight games earlier this month for Toronto and has 10 goals and five assists in 58 games.

"He showed flashes, there were some moments where we had the David that we hoped to have, but overall I think it was probably disappointing for both sides," Nonis said.

The Leafs signed him July 5, 2013, the same day the Blue Jackets signed Horton.

"David Clarkson has been a 30-goal scorer in the NHL who will bring added character and leadership to our group and we believe he will be a valuable contributor to our team," Blue Jackets general manager Jarmo Kekalainen said in a statement. "While we are excited to welcome David to the Blue Jackets, it is also difficult that Nathan’s time here has ended prematurely due to his injury situation. He is a tremendous person and we wish him and his family all the best in the future."

Horton was limited to just 36 games in 2013-14 and has not played this season.

Where this deal works for the Maple Leafs is that they know they can, if necessary, keep Horton on long-term injured reserve for the duration of his contract. He will have to be paid, but the money won't count against the cap, so Toronto used its owners' deep pockets to get out from under their salary cap obligation on Clarkson.
Horton's contract runs for five more seasons, at a cap hit of $5.3-million but, as explained, that is much more likely to be allocated to long-term injured reserve. If somehow a miracle occurs and Horton is somehow capable of re-starting his career, that's a situation that can be dealt with at that time.