With the NHL salary cap ceiling about to shoot up next year -- and, almost certainly, to continue expanding rapidly in the years to follow -- there is virtually zero doubt that impending unrestricted free agent Dion Phaneuf could command a $7 million to $8 million cap hit on the open market.

There is really no point in debating whether he's "worth" that cap hit. He's going to get it, whether via contract extension with Toronto or by testing the market with many teams in position to bid. This much is an absolute lock.

What is not as certain right now is whether the Leafs and the Phaneuf camp can come to terms on the length of the deal; the Leafs do not want to go into the maximum extension range of eight seasons, while the player wants the max. Staying in Toronto means he's eligible for the full eight. Signing elsewhere cuts the max to seven.

Put yourself in Dave Nonis' chair. Keep all of the following factors in mind: 1) Defensemen are the most sought-after commodity in the NHL, and top-pairing ones still in their 20s are one of the hardest commodities to come by in the business, 2) Phaneuf's eventually going to get what he wants, whether in Toronto or somewhere else, 3) the player does have some drawbacks in his game and is perhaps a tad short of being a true Norris Trophy caliber franchise player, and 4) the hockey-crazed Toronto market wants a winner and there is immense pressure to make the right decision here.

Now, here's the question. If you were Toronto's GM, and your choices were to give in on a max-length or seven-year deal for Phaneuf, to trade him or to take your chances on losing him to unrestricted free agency, what would you do?

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