I think the Leafs can sign the aforementioned because they want to play in Toronto. If JFJ picked up the phone and said "Wade and Zdeno, you can play in the beautiful, safe, and championship laden City of Toronto", they would say "You can have both of us as a package for 5.5M a year" (similar to the Selanne Kariya thing).
I mean just the prospect of them pulling the storied TML jersey on would be enough to give them goose bumps. I would say the same holds true for Elias. For him, being able to wake up in the morning, knowing that Redden, Chara, Kaberle, and McCabe are backing him, he can do his thing without worry.
Even if Luongo isn't a free agent, every free agent goalie (and every other position player for that matter) will be waiting by the phone for JFJ to make any offer and sign on the dotted line. I don't think Torontonians realize how much people want to live and play in Toronto (I think the most beautiful city in North America). JFJ is in an admirable position. I think the organization and it's fans should be blushing at these prospects. Consider yourselves lucky.