For sure would make it:
Ovechkin - best LW in the world
Kane - best RW in the world
Hedman - LD, which Canada is weaker on. Arguably the best LD in the world.
Pavelski - versatile, experienced, plays both wings and both special teams which gives him the nod over more one dimensional players. Obviously wouldn't play C for Canada.
Probably would make it:
Karlsson - RD, the best PMD in the world. Could easily QB the PP and replace Burns. Only possible caveat is Babcock preferred better two way guys in the past, as shown when he benched Subban at the Olympics.
Suter - LD, plus previous chemistry/familiarity with Weber, very experienced.
Kopitar - Canada is stacked at C but he's outstanding two way, would probably center the 3rd or 4th line and bump Getzlaf/Thornton
Malkin - previous chemistry with Crosby, experience on the wing.
Outside chance:
Josi - Exact same thing as Suter. Not as experienced however, which IMO is a pretty big deal for Babcock.
Ekman-Larsson - LD, but not as experienced or as good in his own end as the guys above.
Guys who have been mentioned in this thread who I don't think have a chance:
Backstrom - Canada is too stacked at C and he doesn't bring anything to the table that other guys don't already do.
Tarasenko/Wheeler/Pacioretty - all great natural wingers, but being a natural winger isn't as big of a deal as the RD/LD thing according to Hockey Canada.
McDonagh - not better than the LD listed above
Chara
Barkov
Every guy on team North America wouldn't make it due to experience, IMO. Crosby wasn't selected in 2006 for that exact reason.
Goalies are very arguable (Quick, Schneider, Lundqvist, Rask, etc) but I didn't address them because none would start ahead of Price so it doesn't matter anyways.