I don't expect the Isles to sign Bailey as a player, that ship has (hopefully) sailed. But, if he can't find a NHL team to play for, I would be fine with Bailey coming back as a coach (in the AHL to start) or as an ambassador.
If Bailey does play, I hope he gets to join a team like the Oilers. They need cheap depth and he can probably help them on the fourth line, maybe even the third in spots.
My gut says he finds a PTO with Nashville (another good spot with Trotz) or Carolina (not great, hate that team of whiners). Carolina seems to love ex Rags and Isles players.
BTW has anyone looked at Carolina's contracts recently? They have 26 contracts that expire over the next two years (obviously a couple of those contracts are of the LTIR variety like Gardiner) with only six players under contract.
Even if the cap goes up to $87.5 million, that means they will need to sign at least 9-11 forwards, 4-6 defensemen and a backup goalie with around $58 million.
I hope that team gets picked clean. You know Montreal wants to get back at them. Ruby Rod might be crying a lot over the next couple seasons. And he would finally have something to cry about for once.