Schultz had 13 points (four goals, nine assists) in 21 Stanley Cup Playoff games to help Pittsburgh win the Stanley Cup for a second straight season. He had signed a one-year, $1.4 million contract July 13.
"We took a one-year, discounted deal to come back from last year and build upon what he did," Arnott told the Pittsburgh Post-Gazette. "The player took a lot of the risk. The player performed. Now the player should be rewarded."
The Penguins' top defenseman, Kris Letang, missed the playoffs after having neck surgery. Schultz replaced Letang on the first power-play unit and would provide insurance if Letang's injury persists.
"It starts with winning," Arnott told the Pittsburgh Post-Gazette. "Any player wired the right way should be about winning at that level. I think he really enjoys the players, the core group on the team, and he really enjoys the coaching staff and the development model."
Torey Krug of the Boston Bruins, who also had 51 points during the regular season, signed a four-year, $21 million contract with an average annual value of $5.25 million on June 30, according to CapFriendly.com.
"We'll probably have some more direction here this week with where we're going with [a contract with the Penguins]," Arnott told the Pittsburgh Post-Gazette. "But we've had some good discussions."