It seems the Toronto Maple Leafs rebuild will begin with Mike Babcock behind the bench.

TSN's Darren Dreger is reporting that Babcock has agreed to become the head coach of the storied Maple Leafs franchise after much back and forth between Toronto, the Buffalo Sabres and Babcock's former team, the Detroit Red Wings.

Maple Leafs president Brendan Shanahan has done much good work since taking over the team and even with the $6.25 million per year average on Babcock's monster deal - a figure that makes him far and away the highest-paid coach in NHL history - there was no one better available on the market.

HNGN passed along a report earlier in the day that talks between Babcock and the Buffalo Sabres had been "progressing well," but that the Maple Leafs, long though to be out of the race for Babs altogether, remained an option.

It was then reported by Dreger that the bidding war had come down to the Sabres and Leafs and that the Red Wings had decided to stand firm with their final offer of $4 million per year over five years.

It's a surpising decision by Babcock considering he has continually stated his desire to go to a winner, but in Toronto he'll have the opportunity - and monumental task - of turning around one of the most frustrating and underachieving NHL teams in recent memory - the Leafs finished 27th last season - who also happen to play for one of the most rabid, intense fan bases in any of the four major sports.

The Leafs are ready for a serious rebuild and Babcock is, apparently, the man who will be at the helm of that tear down. A major roster shakeup is likely in store, though Babcock's signing may indicate that he believes the Leafs aren't as far away from contention or in as dire need of a rebuild as most believe.

Maple Leafs stars Phill Kessel and Dion Phaneuf have long been considered trade possibilities this offseason thanks to their major cap hits and inability to push Toronto to greater achievements, but it's hard to gauge what Babcock's signing means for their NHL futures.

Babcock spent 10 seasons with the Red Wings and managed to reach the playoffs every year. Babcock's postseason record is 82-62. He helmed Detroit to back-to-back Stanley Cup Finals appearances and helped the team to a Stanley Cup victory in 2008.

Update (2:33): The Maple Leafs have made it official.

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