Detroit Red Wings general manager Ken Holland and coach Mike Babcock have come to the most logical and straightforward of agreements in allowing the star head coach to speak to other clubs within a defined window.

But the permission slip has an expiry date.

"We have a lot of respect for Mike; what he has done here over 10 years has earned him the right," Holland told ESPN.com Friday.

But it’s certainly more than that. Allowing Babcock to immediately speak to other teams advances the process and the timing, which is important for both the head coach -- Babcock doesn’t want to drag this on forever -- and the Red Wings, who can’t wait forever to figure out their head-coaching position.

More to the point, the Wings have a very strong head-coaching prospect: AHL bench boss Jeff Blashill.

Hence the understanding between Babcock and Holland is that the coach has a soft deadline of May 25 to talk to other teams and decide whether he wants to stay in Detroit or leave, because the Wings can’t leave Blashill twisting in the wind all summer. Blashill would be among the Red Wings' top choices to replace Babcock, but if Babcock stays, other NHL teams will want to interview Blashill, no question about it.

So timing is of the essence for everyone involved here.

The bottom line is that the Red Wings want Babcock back, as Holland stressed yet again, but also need to be proactive for everyone involved.

Holland also confirmed that any team that wants to hire Babcock before his deal expires would have to pay the price of a third-round pick, per the new compensation rule. Hey, just as in the case of a pending unrestricted free-agent player, it’s smart to manage the asset. The Wings would be crazy not to ask for a pick.

A third-round pick is small potatoes when you consider the impact his hiring would have if you’re the Edmonton Oilers, Buffalo Sabres, Toronto Maple Leafs, you name the team. Babcock’s pedigree speaks for itself. He’s a rock star behind the bench.

If I had to pick an early front-runner, it would be the Oilers, given the exciting new direction of the team plus Connor McDavid's arrival after the June draft. Oilers CEO Bob Nicholson has strong ties with Babcock from their Team Canada Olympic tournaments. New GM Peter Chiarelli intends to speak with Babcock soon.

The Sabres will make a push, too. GM Tim Murray has ties to Babcock from hiring him to his first NHL head-coaching job with the Mighty Ducks of Anaheim (now the Anaheim Ducks). And Sabres owner Terry Pegula won’t be shy to spend money.

There’s also Toronto, of course, but for me the Maple Leafs are a serious player only if they slap down crazy, crazy money. Their outlook isn’t as advanced as the Oilers or Sabres in terms of a rebuilding roster.

Could the Philadelphia Flyers or San Jose Sharks or another team make a call? No question.

Detroit remains very much part of the mix, too. Babcock's desire to speak to other teams and what he ends up hearing from them may only reaffirm his realization of how good he has it with the Red Wings.

Or perhaps the lure to go elsewhere and start a new legacy will be too good to pass up.

The Wings have certainly tried to sign him. They made a contract offer in June 2014 and another one this past January. There’s another one in the bullpen, one that will move the needle a bit more, but it will see the light of day only if Babcock wants to have that conversation.

Holland wants Babcock back as long as he truly wants to coach the Red Wings.

The men have a great relationship, and you see that in play here. Some teams would have made Babcock wait until his contract expired June 30 and not allowed him access to other teams until then. That would be the hardball tactic.

But there’s way too much respect and admiration between Holland and Babcock, I think, for anything but a smooth ending to take place here.

If Babcock chooses to act on his free-agent status, Holland will wish him the best of luck with no bitterness at all. The Wings always find a way to survive; even after the great Scotty Bowman retired, they certainly did.

The Wings are ready for either scenario, but the clock is ticking. They will get their answer soon enough.