The deal is the first trade to utilize the new rules of the recently ratified collective bargaining agreement as the Maple Leafs will retain a portion of Lombardi's contract (at least $500,000). Lombardi will be entering the final year of a three-year, $10.5 million contract that carries an annual average value of $3.5 million.
As it currently stands, the pick will be a fourth round selection but can become a third round selection if Lombardi re-signs with the team.
This will be his second stint in Phoenix.
Originally chosen with the No. 215 overall selection in the 2000 NHL Draft by the Edmonton Oilers, Lombardi failed to sign with the team. Upon re-entering the NHL Draft in 2002, he was taken with the No. 90 overall pick by the Calgary Flames.
In 2009, he was traded to the Coyotes. After appearing in 97 games with the team, he opted to sign with the Nashville Predators. He was later traded to Toronto in 2011.