The New York Islanders and pending unrestricted free-agent Josh Bailey are closing in on a multi-year contract extension, according to TSN Hockey Insider Bob McKenzie. The details of the deal are still being finalized, but it is likely to carry an average annual value of around $5 million with a term of five or six years. Bailey has appeared in 57 games this season for the Islanders and has scored 15 goals and 47 assists with a minus-6 rating.