"We're very excited that Dustin and us were able to come to an agreement … with respect to the term and the money," Jets general manager Kevin Cheveldayoff told the Jets website.
The Jets entered the week nine points behind the Colorado Avalanche for the final wild card into the Stanley Cup Playoffs from the Western Conference but Byfuglien said he's confident in the direction the Jets are headed.
"We've got a good group of guys here," Byfuglien said. "I've been with them for a while now, watching the process of everyone coming up and who's coming in the organization now and what we have coming. I believe in what they're trying to do here. You can't win a Stanley Cup overnight. It's a process and I feel they're in the right state."
Byfuglien, 30, is tied for second among NHL defensemen with 15 goals, and has 32 points in 52 games this season.
At 6-foot-5 and 260 pounds, Byfuglien is among the most unique players in the League, having experience at forward and defense. He's scored at least 15 goals in three straight seasons, and played in his third NHL All-Star Game this season.
In 11 seasons with the Chicago Blackhawks, Atlanta Thrashers and Jets, he has 148 goals and 376 points in 649 games. He helped the Blackhawks win the Stanley Cup in 2010.