A system and method of distributing contact volume in a contact center when the volume of incoming calls greatly exceeds the number of agents currently answering calls. In an embodiment of the invention, the caller calling in at such a peak time is notified of the relatively long wait time to speak to an agent. The caller is then prompted as to whether he or she wishes to hold or accept a later callback time to receive immediate service. By accepting a later callback, the caller may access the contact center at a later time by dialing a unique telephone number or by entering a unique code when dialing the main line. This scheduled return to queue with priority system and method seeks to essentially eliminate high call volume times by redistributing those calls to times when the agent volume exceeds the incoming call volume, thus ultimately decreasing call center staffing costs.