updated 5:18 p.m. ET Sept. 9, 2008

TORONTO - Bryan McCabe already has a new home in South Florida, where his 3-year-old daughter started pre-kindergarten classes in a new school Tuesday and he spent part of the day unpacking moving boxes.

The only thing he didn’t have was a new team — that is, until the Florida Panthers and Toronto Maple Leafs finally completed a long-expected deal.

The Maple Leafs traded the veteran defenseman and a fourth-round draft pick to the Panthers on Tuesday for defenseman Mike Van Ryn, ridding Toronto of its biggest contractual obligation and finally giving McCabe closure in the sense that he now knows where he’ll be when camp opens later this month.

“It’s always nice to have this part of it done,” McCabe said. “It’s not fun being in limbo when you have two kids and a wife. We’re really excited to get down here.”

McCabe waived his no-trade clause to allow the deal to go through. McCabe’s willingness to be traded was a change in philosophy as it was earlier stated that the Maple Leafs would have to buy out his contract to get rid of him.

The 33-year-old McCabe had been one of the longest-serving Maple Leafs after being acquired from the Chicago Blackhawks on Oct. 2, 2000. He developed in Toronto after bouncing from the New York Islanders to the Vancouver Canucks to the Blackhawks. He recently became a scapegoat for fans who thought his performance dipped after he signed a five-year, $28.75-million contract in 2005-06.

“It’s a tough place to play, especially when you’re losing,” McCabe said of Toronto. “But when you’re winning, it’s one of the best places to play. It comes with the territory. I’ve got a big contract.”

His annual salary cap hit for the next three seasons will be $5.75 million even though the Panthers will only have to pay him $4.15 million per season on the front-heavy deal. The Maple Leafs are on the hook for a $2 million bonus that was due Monday, and that money was one of the issues that held up completion of the deal.

“It gives us some more offense from our back end,” Panthers general manager Jacques Martin said. “Bryan brings experience. When you look back at his time in Toronto, his ability to play on the power play, his shot, and in the dressing room he brings some leadership skill to help a lot of our younger defensemen.”

Van Ryn has two years remaining on his contract and will earn $3.35 million each season. His cap hit is only $2.9 million, allowing the Leafs to free up $11.45 million over the next three years.

Maple Leafs general manager Cliff Fletcher has been busy in remaking a team that hasn’t reached the playoffs since before the 2004-05 lockout. Earlier this summer, Fletcher bought out the contracts of forward Darcy Tucker and backup goalie Andrew Raycroft, and waived center Kyle Wellwood.

“It’s part of what we’re trying to do moving forward here,” Fletcher said. “We wish him well.”

It also appears that the Leafs will start a season without Mats Sundin in the lineup for the first time since 1993.