The deal will carry an average annual value of $3 million for DeMelo, who the Jets acquired ahead of the trade deadline from the Ottawa Senators in exchange for a third-round pick. He was previously scheduled to become an unrestricted free agent on Friday.
TSN Hockey Insider Pierre LeBrun reports DeMelo received a modified no-trade clause in each year of the deal.
He was without a point in 10 games upon joining the Jets, averaging 21:14 of ice time. The 26-year-old was also without a point in four games during the Return to Play.
In 59 games with the Jets and Senators this past season, DeMelo had 10 assists.
A sixth-round pick of the San Jose Sharks in 2011, DeMelo has seven goals and 64 points in 269 games with the Sharks, Senators and Jets.
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