I do not think it is going to come down to money, but trying to see inside Babcock's head is damn near impossible anyways. He is a very tough read.
I would GUESS that he wants to keep his options open at this point, see how the season goes, and then mull his options over next summer. As pretty much the most high profile free agent coach in a very long time. Then he will either stay put, go to a place that is the 'ultimate challenge" (winning in the Toronto market), or go to a team that is closer to winning a Cup than Detroit (team like Pittsburgh).
But I genuinely don't think he knows which of those things he wants to do yet, and wants to see how the season plays out, and probably weigh his options next summer.
Totally just a guess though.