Connor's deal carries an average annual value of $7.14 million.
The 22-year-old just completed his three-year entry-level deal that had a $925,000 cap hit. He was the final player general manager Kevin Cheveldayoff needed to get under contract after Patrik Laine agreed to a two-year, $13.5 million contract Friday.
Laine was the more talked-about Jets restricted free agent, but Connor actually had more goals and assists last season. Connor, from Shelby Township, Michigan, had 34 goals and 32 assists in 82 regular-season games last season. Laine had 30 and 20, playing most of his time on the top line with Mark Scheifele and Blake Wheeler.
Connor has 67 goals and 61 assists in 178 career games in three seasons, all with the Jets.
The Jets will open the season Thursday night in New York against the Rangers.
The Associated Press contributed to this report.