Under terms of the extension announced Sunday, McClement will make $1.3 million next season and $1.1 million in 2016-17.
The 31-year-old center had two goals in a 5-3 win over the New York Islanders on Saturday and has six goals and 12 assists for the season. He also plays a key role on a penalty-kill unit that has a league-best 88.2 percent success rate.
He signed a free-agent deal with Carolina over the summer.
General manager Ron Francis calls McClement "a valuable veteran leader" and says it was "important for us to keep him in Raleigh."