The contract is worth $2.5 million in year one and $3.5 million in the second year.
Trouba, a restricted free agent, publicly requested a trade in late September with his agent Kurt Overhardt citing the depth of right-shot defensemen on the roster as the main reason.
"Our client simply wants the opportunity to have a greater role," Overhardt said in a statement.
The Jets held firm on their asking price for Trouba in any possible deal, which was believed to be a comparable left-handed-shooting young defenseman, according to multiple sources. The right match wasn't out there and Trouba sat while his Jets teammates started the season 5-7-1.
Trouba was facing a Dec. 1 deadline per the collective bargaining agreement, which says unsigned restricted free agents who aren't signed by that date are ineligible to play for the remainder of the season.