He's not Mike Babcock, but for the Buffalo Sabres, Dan Bylsma seems like a pretty good consolation prize.

According to a report from John Wawrow of the Associated Press, the Sabres and Bylsma have agreed in principle on a deal to make him the next head coach of the NHL's Buffalo-based franchise.

The only impediment to a deal at this point, per Wawrow, is the determination of compensation that will go the Pittsburgh Penguins, Bylsma's former team.

Bylsma met with the Sabres on Wednesday and interviewed with for their vacant bench boss job, according to separate report from Wawrow. At that time, talks were characterized as "heating up," but nothing definitive had been agreed upon.

HNGN passed along a report on Monday that Bylsma, who had coached likely Buffalo draft pick Jack Eichel at the IIHF World Championships in the Czech Republic, had targeted the Sabres as his next head coaching gig.

It seems the only remaining consideration for the Sabres and Bylsma is to determine what compensation will go to the Penguins, with whom Bylsma is still under contract despite having been relieved of his duties after the 2013-14 season.

TSN's NHL Insider Darren Dreger believes it's likely that, despite the fact that the Penguins did not seek compensation from the New Jersey Devils after they hired Ray Shero as their new general manager - or, perhaps, because of it - Pittsburgh will seek draft pick compensation from the Sabres for Bylsma.

Per Elliotte Friedman of Sportsnet.ca, the compensation the two sides are currently discussing is a 2016 third-round pick.

Bylsma led the Penguins to a Stanley Cup after the 2008-09 season, his first with the team, but failed to guide a team laden with talent like Sidney Crosby and Evgeni Malkin past the third-round of the playoffs in the four season thereafter.

In 401 games with Pittsburgh, Bylsma amassed a 252-117-32 record.

He takes over a very young Sabres team that boasts up-and-coming talent like Rasmus Ristolainen, Zemgus Girgensons and, in all likelihood, Eichel.

UPDATE: Sabres have made Bylsma's signing official.