The phrase "holds bay" does not have a direct antonym. However, if we break it down, "hold" means to secure or grip while "bay" refers to a small body of water. So, if we look for antonyms for "hold," we can find words like "let go," "release," or "free." Similarly, antonyms for "bay" could include "open sea," "ocean," or "gulf." Therefore, if we combine these antonyms, we come up with phrases like "release into the ocean" or "set free in the open sea." While these phrases may not have a direct opposite meaning for "holds bay," they do offer alternative ways to express the release or freedom of something held or trapped.