Ranger won't go anywhere because of his requirement to stay in Toronto. He'll be the team's 7th defenceman.
Fraser will probably get picked up for a 4th-6th round pick by a team who has some injuries on the blueline when the deadline rolls around.
That being said, I wonder if Gleason's play has made the Leafs re-evaluate their plans for the bottom 2/3rd of their defence. Initially, the trade just seemed like a way to get slightly more use out of $3.6m+... Gleason has found himself into a regular top 4 role now. Obviously, the Leafs are going to be very hestitant to let Cody Franson go, but do they really see Morgan Rielly and Jake Gardiner as being a pair again next year?