The Leafs placed fourth to make the playoffs, but were swept in the first round by the Boston Bruins.
Bernie Parent, who had left the team for the World Hockey Association (WHA) in 1972, made it known that he wanted to return to the NHL.
The Maple Leafs still had his NHL rights, and they traded Parent to the Philadelphia Flyers for Doug Favell and a first-round draft pick, which the Maple Leafs used to choose Bob Neely.
Neely would play four seasons for the Maple Leafs before being traded to the Colorado Rockies.
Toronto signed Swedish defenceman Borje Salming and forward Inge Hammarstrom.