The New York Islanders on Monday agreed to terms with restricted free agent forward Josh Bailey on a new five-year contract. Financial terms of the deal were not released, but ESPN.com reported the total value of the deal at $16.5 million.

"Josh has become an important member of the young core of the players we have in our dressing room," Islanders general manager Garth Snow said in a statement announcing the move. "We're excited to come to terms with him on a deal that will ensure he is a member of this team as we solidify ourselves as consistent playoff contenders."

Bailey, 23, had 11 goals and eight assists in 38 games last season, and joined with Frans Nielsen and Kyle Okposo to the give Islanders a potent second line behind the team's top trio of John Tavares, Matt Moulson and Brad Boyes.

He also had three assist in six Stanley Cup Playoff games as the Islanders returned to the postseason for the first time since 2007.

The ninth pick of the 2008 NHL Draft, Bailey has 58 goals and 139 points in 329 games, all with the Islanders.