The deal is a two-way contract in Year 1, with a base salary of $125,000 at the AHL level and $750,000 at the NHL level. Year 2 is a one-way contract with an $850,000 base salary, according to Jeremy Rutherford of the St. Louis Post-Dispatch.
The 22-year-old goaltender appeared in 15 games in 2013 and recorded a .905 save percentage with a 2.46 goals against average. By most accounts, he is considered St. Louis' goaltender of the future.
As it currently stands, the Blues have Brian Elliott and Jaroslav Halak under contract through the 2013-14 season. Elliott carries an annual average value of $1.8 million against the salary cap, while Halak claims ownership to a $3.75 million annual average value. Both players will be unrestricted free agents next summer.
Manager Doug Armstrong has publicly stated that St. Louis is willing to head into the season with all three goaltenders on the roster. However, rumors have indicated that Halak might be available via trade. Regardless, Allen has displayed an ability to perform at the NHL level. He will seemingly be doing so on a regular basis in the near future, whether it comes this season or next.