General manager Ray Shero announced the signing Saturday. Wood will earn $2.5 million annually in the first three years of the contract and $3.5 million in 2021-22.
Wood, who scored a career-high 19 goals last season, will join the team for practice on Sunday. He also set career highs with 76 games played, 13 assists, 32 points, 170 shots and three power-play goals last season. His goal and shot totals placed him fourth on the squad.
Wood has scored 27 goals and 22 assists for 49 points in 137 career NHL games.