Blackhawks Acquire Josh Bailey from Islanders, then Waive Him

The Blackhawks used their salary cap space once again, acquiring a third veteran forward during draft week, the New York Islanders Josh Bailey. Chicago also got a second-round pick in the 2026 NHL Draft in the deal for future considerations.

Shortly after the deal, the Blackhawks placed the 33-year-old Bailey on unconditional waivers to buy him out the final season of his six-year contract. The deal carries a $5 million cap hit. If Bailey clears waivers and his contract is terminated, it converts into a $2.67 millions cap hit for Chicago next season, then $1.67 million in 2024-25. 

Bailey is on the downswing of his career as he enters his 16th NHL season. At best, he would have been in the mix for a bottom-six forward slot in Chicago. 

General manager Kyle Davidson said he didn't think Bailey would have a "clear path to steady role" with the Blackhawks and figured to be "in and out" of the lineup.

When the trade was completed with Bailey's $5 million cap hit, it brought Chicago's current team cap hit to just under $61 million, according to CapFriendly.

When the Blackhawks sign No. 1 draft pick Connor Bedard — or complete another deal or signing — they figure to cross the minimum team salary floor of $62.5 million. The NHL's salary cap for 2023-24 is $83.5 million. 

Bailey had eight goals and 25 points in 64 games with the Islanders last season. In 1,057 career games, all with New York, the Bowmanville, Ontario native has 184 goals and 580 points.  His best season production-wise was 2017-18, when he topped out with career-highs of 18 goals, 53 assists and 71 points.

Chicago acquired former first-round pick Taylor Hall and gritty Nick Foligno from the Boston Bruins on Monday. Following the Bailey deal on Thursday, Chicago picked up the rights to 38-year-old UFA Corey Perry from Tampa Bay. Davidson hopes to sign Perry.

With Bailey's deal off the books, the Islanders gain cap space to make additions this summer.