Having cap space was a bit more relevant when there were actual players of interest we could get, like Harris and before trading for Lee.
We could've manufactured about $15M in cap space with just stretching Wallace.
I'll have to revise where we are currently later today after the trade.
That said, I think a S&T with Toronto is a very strong possibility. As for terms, only the first season needs to be guaranteed, so I don't think it would be a big obstacle in adding a new year with a non-guaranteed or option.
Why Toronto would do it? Well, they might get a big TPE for themselves (need to double check this, not sure if it applies when you're trading against another TPE) and a protected 2nd rounder.