The two sides have agreed to a two-year, $4.5 million contract that carries an annual average value of $2.25 million against the salary cap, according to Katie Strang of ESPN New York. Hagelin had completed the final-year of a two-year, $1.75 million entry-level contract in 2013. His base salary was $687,500 in 2013 but accounted for $875,000 against the salary cap with the inclusion of performance and signing bonuses.
Hagelin played in all 48 games last season and registered 24 points (10 goals and 14 assists), while averaging 17:18 of ice time per game. Originally selected with the No. 168 overall selection in the 2007 NHL Entry Draft by the Rangers, Hagelin has played in 112 career regular season games and has accumulated 62 points (24 goals and 38 assists).