While the speculation that the Leafs were discussing a contract extension with Miikka Kiprusoff when they were granted permission to speak with the Flames netminder, I think it might have been the other way around.
More than an extension, Kiprusoff could be asking for a buyout. And the Leafs have cash money to burn, so the deal would make sense in that aspect. The Leafs cannot afford the $5.8M cap hit next year, while Kiprusoff doesn’t want to play for $1.5M next year. A buyout would solve that problem and allow Kiprusoff to choose his destination and increase his salary.
The perfect situation for both sides would be to promise that the Leafs would buy him out after the season. It doesn’t solve the Leafs’ long-term goaltending needs but would provide a solid tandem and support for James Reimer for the rest of this season.