GM Garth Snow said, "Josh has become an important member of the young core of the players we have in our dressing room. 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.”
Terms of the contract have not yet been announced
Bailey's contract is worth $16.5 million over 5 years. His cap hit is $3.3 million.