There's no question that Luongo is one of the top 30 starting goalies in the NHL - and well above the bottom of those 30. He's played behind a good Canucks team and so his most recent numbers should be considered with that in mind. But his performance has been kind of spotty.
If the Leafs got him without giving up much of their NHL roster, they may well be a playoff team.
But for me, here's the thing: I'd like the Leafs to win a Cup. I wonder under the new CBA how their longer term chances would be with a spotty 33 yr goalie signed up with a $5.3 mil/yr cap hit for the next 10 years that they may not be able to escape under the new CBA deal with waivers.
It's a deal that could work out but if it doesn't, and there's much more than a slight chance it won't with the unpredictability of the position and a 33yr old goalie, it could make Mike Komisarek's deal look much better.
There are goalies like Elliott, Holtby, Smith, Quick, Thomas, Rinne, Halak, Backstrom, etc arriving with little pedigree and yet some frequency to the NHL.
This is a young team. I'd be patient. I wouldn't give Vancouver a 7th rounder for Luongo. Sadly, with the pressure to deliver he's under, Burke may well get him but it is not something I would do.