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Source: Josh Bailey, Isles agree

With the clock ticking on a Friday-morning deadline, New York Islanders center Josh Bailey agreed to a two-year, $2.1 million deal, a source told ESPNNewYork.com.

Bailey, a restricted free agent who declined to sign his qualifying offer earlier this summer, faced a tough ultimatum.

Per Islanders team policy, any player unsigned by the start of training camp forfeits the entire season while the team retains his rights.

And it was no empty threat.

The Islanders exercised the aforementioned policy with Finnish winger Sean Bergenheim in 2006. Unwilling to accept what the Islanders were offering him, Bergenheim was forced to play the 2006-07 season in Europe.

Katie Strang covers the NHL for ESPNNewYork.com.