Sounds counter-intuitive.
Can you explain?
With Arizona, they could get a player with a cap hit (CH) of $6.25Mm, but if they acquire him after July 1, when Toronto pays him this year's portion of his signing bonus ($3Mm), and the fact that PM12's contract was front loaded ($8.5Mm paid out in 2017-18, $6Mm in '18-'19, $4.25Mm in '19-'20), they get a player with a $6.25Mm CH while only paying out $1.25Mm actual dollars.
Having his dollars on the cap this year would allow Arizona, should they choose to do so, move out another high ticket player, while remaining above the cap floor.
Also, offering to take PM12's contract, with a sweetener added, may be the way for Toronto to get his deal off their books. Think Kapanen or Johndson. The club acquiring PM12 would also be getting a younger, less expensive asset.
Note: Nothing happens without Patrick Marleau's approval.
He has a full no movement clause in his contract.
My guess is he'd waive it for very few teams, ie., Los Angeles, Anaheim, San Jose, Arizona, possibly Colorado, unlikely Vancouver.
You'd have to look at each team, their cap situation, where they are in competition cycle to decide if/where he may end up.
The same numbers apply regardless of what team PM12 plays for this year.
Any deal will in all probability not be consummated until 7/2 or later, so the Leafs will pay his SB.