Center Josh Bailey has agreed to terms on a five-year contract with the New York Islanders, the team announced Monday.
Financial terms were not announced, but ESPN reported the deal is worth $16.5 million, with a cap hit of $3.3 million.
Bailey, 23, had 11 goals and eight assists in 38 games this past season.
He had filed for arbitration, but the contract agreement avoids the need for an arbitration hearing.
"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 released by the team. "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."