The rebuilding of the Maple Leafs is underway. Today, they traded defenseman Cody Franson and forward Mike Santorelli to the Predators in exchange for Olli Jokinen, prospect Brendan Leipsic and a first round pick.

Toronto unloaded potential unrestricted’s Franson and Santorelli. The Leafs wanted to keep Franson but apparently his demands were too much. The 27-year old is earning $3.3 million in his final year. In 55 games this season, he has six goals and 26 assists for 32 points. He returns to the team that originally drafted him in the third round of ’05. Ironically, the Predators traded him to the Leafs on July 3, 2011 with Matthew Lombardi for Robert Slaney, Brett Lebda and a 2013 fourth round pick (Zach Pochiro). Note: Pochiro’s draft rights were dealt to the Blues for a 2013 seventh round pick (Janne Juvonen) and 2014 fourth round pick (Viktor Arvidsson).

Speaking of homecomings, Santorelli also returns to the team that selected him. Originally a 2004 sixth round pick by Nashville, he spent parts of two seasons in Music City before finding success in Florida, Vancouver and Toronto. He also played 10 games with Winnipeg before moving to Vancouver. In 57 contests this season, Santorelli has 11 goals and 18 assists for 29 points. Once thought as a potential Rangers target, he’ll fill a nice depth role for the Cup contending Preds.

Looking at it from a Nashville perspective, it’s a no-brainer. Already boasting Calder front runner Filip Forsberg, Hart and Vezina candidate Pekka Rinne and perennial Norris candidate Shea Weber, the Predators lead the league with 82 points. Boasting a strong blueline that also features Roman Josi and Seth Jones, they get even stronger with the offensive minded Franson. Adding a versatile depth forward in Santorelli should only make them deeper.

For Toronto, they had to start rebuilding. Once GM Dave Nonis determined he couldn’t re-sign Franson, he had to get what he could for him. It’s all about Leipsic and the first round pick. A 20-year old center in his first pro season, Leipsic totaled seven goals and 28 assists for 35 points in 47 games for AHL affiliate Milwaukee. The Winnipeg, Manitoba native was drafted by Nashville in the third round of 2012. Getting a first round pick for Franson is a good return.

As for Jokinen, he reportedly isn’t pleased and might not report to Toronto. Nonis has already hinted that he could move Jokinen again at the deadline. Signed to a one-year deal worth $2.5 million, the 36-year old vet center has struggled posting only three goals and three assists in 48 contests. An experienced player with size, he can help a contender in a small role. It’s worth noting that Jokinen has only made the playoffs once putting up five points (2-3-5) for Calgary in 2009. He has played 1,217 games and only appeared in six postseason games.

With just over two weeks until the March 2 trade deadline, things should heat up. The Leafs also have forwards Daniel Winnik and David Booth available. Winnik could be a potential target for the Rangers. A solid checking forward who could fill a void on the fourth line. He has 24 points (6-18-24) and is plus-13 in 57 games on Toronto. He only makes $1.3 million. If the Rangers finally decide to waive Tanner Glass, it’s a fit. Glass’ cap hit is $1.45 million.