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Source: Josh Bailey, Isles agree

Updated: September 15, 2011, 11:29 PM ET
By Katie Strang | ESPNNewYork.com

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 ...

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