The Colorado Avalanche and center Ryan O'Reilly agreed to a two-year contract, avoiding a salary arbitration hearing, the team announced Wednesday.
Financial terms were not disclosed, but TSN reported the deal is for $12 million, with O'Reilly being paid $5.8 million 2014-15 and $6.2 million in 2015-16.
The sides had an arbitration hearing scheduled for later Wednesday.
O'Reilly, 23, had a team-best 28 goals last season and set career-highs in goals and points (64). He won the Lady Byng Trophy after being assessed only two penalty minutes while playing 80 games. He also had two goals and four assists in seven Stanley Cup playoff games.
"We are pleased to have Ryan under contract," Avalanche executive vice president Joe Sakic said in a statement. "We are looking at the upcoming training camp and season with a lot of excitement."
Selected by the Avalanche in the second round (No. 33) of the 2009 draft, O'Reilly has 73 goals and 191 points in 345 NHL games in five seasons.