Here's what I think will happen. Clouston and Carvel are shown the door, with Murray taking over in an interim role. Perhaps another assistant coach or two (or three -- we have so freakin' many) resigns. At the end of the day, Murray is GM/coach and there are far fewer cooks in the kitchen. With any luck, more injuries offset the improvements in coaching and the team fights it out for the bottom 4-5 position with the Leafs, Sabres and Panthers. Murray stays on for the draft but there's no way he's allowed to hire another coach, so his days as GM are numbered.
I'm not sure if he remains with the team in a scouting capacity, or as a special adviser or something else. He is a hockey guy, so maybe he should move up to President -- personally I think it was a bit of a mistake to put Leeder in as President; he is an accountant and was fine as the COO, but do you really trust him to go our an hire a new GM?