Yes, bye is in the scrabble dictionary

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Bye Definition

noun

A secondary matter; a side issue.
from The American Heritage Dictionary of the English Language, 4th Edition
Sports The position of one who draws no opponent for a round in a tournament and so advances to the next round.
from The American Heritage Dictionary of the English Language, 4th Edition
The position of a participant in a tournament who advances to the next round without playing.
from Free Scrabble Dictionary

idiom

Bye By the way; incidentally.
from The American Heritage Dictionary of the English Language, 4th Edition

interjection

Used to express farewell.
from The American Heritage Dictionary of the English Language, 4th Edition

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Top Words by points

Points

bey

8

2 letter words with BYE

Points

be

4

by

7

ye

5

3 letter words with BYE

Points

bey

8

bye

8

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