Greening is entering the final year of a three-year, $2.45 million contract in 2013-14, which carries an annual average value of $816,667 against the salary cap, according to CapGeek.com. He would have become an unrestricted free agent next summer.
The extension will begin in the 2014-15 regular season and will carry an annual average value of $2.65 million against the salary cap until the conclusion of the 2016-17 season. In total, the extension will pay Greening $7.95 million.
Greening registered 19 points (eight goals and 11 assists) over 47 games in the 2013 season. Originally chosen with the No. 204 overall selection in the 2005 NHL Entry Draft by Ottawa, the 27-year-old has collected 69 points in 153 regular season games played.