The 21-year-old forward was a restricted free agent. Selected by the Flames with the No. 4 pick in the 2014 NHL Draft, he played one NHL game during the 2014-15 season and had three goals and one assist in 11 games in the 2015 Stanley Cup Playoffs.
"He played in playoffs his first year in the League," general manager Brad Treliving said. "… He had an excellent year last year. He's playing in a premier position. A hard position in a hard league and he's still adjusting. He's poised to have an excellent year. I believe in this kid and I think he's going to be a real good player."
Bennett had 36 points (18 goals, 18 assists) in 77 games as rookie in 2015-16 and 26 points (13 goals, 13 assists) in 81 games last season.