The livewire All-Australian midfield-forward received heavy interest from rival clubs, largely the Adelaide Crows, before confirming an eight-year extension with the two-time defending premiers on Tuesday.
Coincidentally, the Lions play the Crows at the Gabba in a knockout semi-final on Saturday, keen to respond from a lacklustre loss to Sydney at the weekend.
"Everyone was pretty happy with 'Bails'," teammate Rayner said.
"I'm not sure if it was something that he planned or had in the pipeline, but it probably couldn't have come at a better time.
"It's been spoken about a lot throughout the year ... for him to kind of get that off his back, it's perfect timing for him to come out and have a great weekend.
"To be honest, the boys didn't really have much of an idea.
"I was just as surprised as everyone else, super excited that he stayed, and happy for him that he got the contract that he deserves."
Former Hawthorn and Brisbane great Luke Hodge theorised that reports Crows coach Matthew Nicks would have been sacked if Adelaide lost their elimination final against the Western Bulldogs may have influenced Bailey's decision.
He also said the added pressure of being the highest-paid player of a club in AFL-mad Adelaide may have deterred him.
Rayner dismissed the Hodge theory, but agreed his sometimes bashful teammate had been made to feel comfortable in a squad full of personalities.
"I'm not really sure you can read too much into that, to be honest ... but one strength of the club is to let everyone flourish in there, no matter if you're an outgoing person like a Motty (Darcy Wilmot) or a Kai (Lohmann), or someone who's a little bit more softly spoken."
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