Peter Holland, Martin Marincin, and Frank Corrado have all elected to go to arbitration. Arbitration hearings will happen from July 20th to August 4th.
Arbitration rules are pretty straight forward: the two parties participate in a hearing in front of an arbitrator. The arbitrator can award one- or two-year contracts--since this is player elected arbitration, the team chooses the term and can also walk away if the player is given more than $3.85M per year. None of these players are going get awarded anywhere near that much money, though.
The players and the team can negotiate and agree to a contract at any point between now and right before the arbitrator comes back with a number, which is what usually happens. Relatively few cases actually end with an arbitrator reading out a number.
Holland scored 25 points in 65 games last season. His last contract was a two year deal with a $775,000 cap hit.
Marincin signed a one-year worth $700,000 last year after being acquired (and/or stolen) from Edmonton last year. He had 7 points in 65 games. While Marincin is a very good possession player, his boxscores are less than impressive so an arbitration award probably wouldn't be kind to him.
Corrado's previous contract was a one-year deal worth $632,500. After being picked up on waivers at the end of training camp and then languishing in the press box for the first half of the season, Corrado put up 6 points in 39 games.
The Leafs are currently already slightly over the salary cap, around $500,000 over, so not enough to panic about but something that could necessitate a trade before the end of training camp, so that's something to keep an eye on as arbitration comes closer. They also have more depth NHLers than roster spots, especially on D, and Corrado may end up being the odd man out there.
This also opens up a second buyout window for the Leafs, should they choose to use it, something that might come in handy depending on what happens with Jared Cowen's disputed buy-out.
You can watch General Fanager's handy video explaining arbitration here, if you'd like.