The Flyers will retain 50% of Gustafsson's salary for the remainder of the 2020-21 season.
Gustafsson, 29, skated in 24 games with the Flyers this season, recording 10 points (1 goal, 9 assists) and posting a minus-2 differential. The left-handed rearguard also collected four power play points and registered 25 shots on goal.
A Nynashamn, SWE native, Gustafsson has played 245 career NHL games with the Chicago Blackhawks, Calgary Flames and the Flyers since joining the League in 2015-16. The 6'00'' and 197 lbs defenseman has amassed 129 points (29 goals, 100 assists) over the years. He boasts 36 power play points and has served 71 penalty minutes.
Gustafsson was selected in the fourth round (93rd overall) by the Edmonton Oilers in the 2012 NHL Draft.