This paper presents an isogeometric formulation for frictionless contact between deformable bodies, based on the recently proposed concept of the third medium. This concept relies on continuum formulations not only for the contacting bodies but also for a fictitious intermediate medium in which the bodies can move and interact. Key to the formulation is a suitable definition of the constitutive behavior of the third medium. In this work, based on a number of numerical tests, the role of the material parameters of the third medium is systematically assessed. We also assess the rate of spatial convergence for higher-order discretizations, stemming from the regularization of the non-smooth contact problem inherent to the third medium approach. Finally, problems with self contact are considered and turn out to be an attractive application of the method.