Red Wing Coach Mike Babcock is going with the Leafs....about $50 million  of them!

According to Jerome Miron / Reuters....The Toronto Maple Leafs named Mike Babcock their 30th coach in team history Wednesday after the two sides agreed to an 8-year contract worth around $50 million, according to TSN's Darren Dreger.

Photo by Martin Rose, Getty Images

Here's the link to the story on Reuters.

The deal comes after a crazy morning that reportedly saw a bidding war break out between the Buffalo Sabres and Maple Leafs, after multiple teams dropped out of the Babcock sweepstakes.  The deal makes Babcock far and alone the highest-paid coach in the NHL, a title previously held by Chicago Blackhawks coach Joel Quenneville, who makes $2.95 million per season.

Sportsnet's Elliotte Friedman added that the contract may include an opt-out after five years, while TSN's Bob McKenzie tweeted that Babcock may earn as much as $8 million per season in the first three years of the deal.

With the Maple Leafs signing Babcock, the team will also be forced to give up a third-round pick in the NHL draft to the Red Wings within the next three years.

The Maple Leafs will introduceBabcock at an 11 a.m. ET press conference Thursday.