Liles, 32, had two goals and 11 points in 32 games for the Maple Leafs in 2012-13, and his average ice time (18:46) was his lowest in a season since 2009-10. He also appeared in four of Toronto's seven playoff games and averaged less than 16 minutes per contest.
He has two more seasons beyond 2013-14 on his contract with a cap charge of $3.875 million per year. Should Liles clear waivers and report to the Toronto Marlies of the American Hockey League, the Leafs will only receive $925,000 of cap space relief per a stipulation in the most recent Collective Bargaining Agreement. Prior to the new CBA, none of Liles' contract would have counted against Toronto's cap figure if he was in the AHL.
If Liles and Holzer both end up with the Marlies, it increases the chances that 2012 first-round pick Morgan Rielly could begin the season with the Maple Leafs instead of the 19-year-old returning to his junior team in the Western Hockey League.