With the deal, both teams are free of the contracts being sent the other way.
Phaneuf's contract represents the biggest on the move, with a $7-million cap hit through to the end of 2020-21.
All three of Cowen, Greening, and Michalek are under contract for one more season after this, with combined cap hits of $9.75 million.
Here's what you need to know:
|Dion Phaneuf||Games Played||Goals||Assists||Points||PIM|
|Toronto Maple Leafs||423||45||151||196||598|