Well Tyler is signed through next year too so barring any deals I don't think it means a lot for him, he's got some chemistry with Lupul and Kessel and he's a pretty darn reasonable cap hit.
To me Connolly was always a short term stop gap while the Leafs figured out what they had in some of the younger players.
A third line of Lombardi Connolly and Army isn't bad ( super expensive, still ) but there are some decisions to make with Kadri, Frattin and Colborne coming up too.
Also, there's 4 significant players to sign with, as of now, 13 or so mil in cap space next year, which shouldn't make things difficult to get them signed if they want to ( any adjusted differential from cap/cba changes should still end up in the Leafs favour ). If I had to guess, Jonas will get something similar to Reimer, Franson will get something similar to Gunnarsson, Grabovski could get close to 5 and Kulemin will probably get something close to 3.
I think Connolly will be a Leaf next year, fwiw.