05/20/2015 09:34 EDT | Updated 05/20/2016 05:59 EDT

Don Cherry says Mike Babcock will be 'terrific' as Leafs coach

During his Coach's Corner segment on Hockey Night in Canada Wednesday night, Don Cherry said he thinks Mike Babcock will be "terrific" as coach of the Toronto Maple Leafs.

While Cherry concedes that Babcock didn't take his advice to return to the Red Wings, he believes the veteran bench boss is the right coach to fix Toronto's woes.

"[They] don't have a team," Cherry said about the Leafs. "He can bring them together as a team like [with] the Olympic roster.

"He will be terrific, but it won't be a walk in the park. He didn't take my advice, he took the money and ran."

In the end, Cherry believes it will be worth it for both Babcock and the Leafs.

On top of all that, there is no question in Cherry's mind who will be in charge of things within the organization.

"He [Babcock] is going to run the ship. Make no mistake, he is going to run the ship.

"Good for them. Good for [Leafs president Brendan] Shanahan."

The Leafs will introduce Babcock at a news conference on Thursday.

Babcock will reportedly receive an eight-year deal worth $50 million US, which at $6.25 million annually, would make him the highest paid coach in the NHL by a wide margin.