I ask because of this story on the Islanders' website. Key quote:

Four players who played in last night’s exhibition against Boston will also be in tonight’s lineup against the Devils. Josh Bailey, Trevor Gillies and camp invites Jay Pandolfo and Steve Staios will all receive a second look from the Islanders coaching staff and management.

Bailey in the same breath as Gillies, and the two invitees?  "Second look"?  More:

Bailey signed a two-year deal a few hours prior to the start of Training Camp. Capuano wasn’t specific when he was asked where he sees Bailey within the team’s depth chart.

“I think I see Josh where Josh wants to see himself,” Capuano said. “I think Josh has all the talent in the world, skill level in the world. He’s got a great passion for the game. He’s a competitive kid. He had a little bit of inconsistent play last year, but he’s at the point now where I don’t have to tell Josh too much. Josh knows what he has to do and that’s what I really like about Josh. He’s hard on himself, so I don’t need to be hard on him. He’s just got to find his way.”

While I initially thought I was overreading, Metzfan22 pointed out that the Reporter on the liveblog seemed to confirm Bailey's precarious position on the roster (see here, where he repeatedly refers a participant to the article cited above).   

What does this mean?  A trade? Waivers?  I have to assume Bailey would not clear waivers.  Or is his spot basically secure but not his place on the third line?  Or is Cappy just trying to scare Bailey straight?