The forward could have become a restricted free agent after this season.
"That's a lot of pressure off my shoulders," the 25-year-old said. "Now I can just focus on playing hockey. It's a huge honor to get this deal and to be a part of the future.
"It happened pretty quickly. We talked for a couple of weeks and kind of got something rolling. I'm very happy with how it came out. I really wanted some term to be able to be in a place for a while. They were more than accommodating for that fact, so it's great."
McCann leads the Kraken with 33 points (21 goals, 12 assists) in 50 games and is their top goal-scorer, with six more than forward Jordan Eberle.
McCann is the first player to re-sign with the Kraken, who are in their inaugural NHL season.
"This is a first restricted free agent signing for the organization, so I think it sends a message," Kraken general manager Ron Francis said. "In Jared's case, he's excited to be in Seattle. He's excited, as a lot of our players are, the way the ownership and management treats the players, excited about the passionate fan base and the city itself and want to be here as we build this thing and become more and more successful."
McCann said, "I couldn't be more excited to be a part of the Kraken for the long term. Having spent the last few months in Seattle, the organization is first class, from the incredible arena and practice facility to the way that we're treated as players. I knew Seattle was where I wanted to be. The support the fan base has given us from Day One is what keeps us going every night, and you can't walk down the street without seeing Kraken gear. The best is yet to come and I can't wait to be part of it."
McCann was selected by Seattle from the Toronto Maple Leafs in the 2021 NHL Expansion Draft on July 21, four days after Toronto acquired him in a trade with the Pittsburgh Penguins.
"He's a very unassuming kid, he doesn't have a big ego, genuinely a good person, so those are the kind of people you want in your organization," Francis said. "Guys with character that can lead you on the ice but they can certainly lead you in the locker room and off the ice as well and in the community."
McCann's 21 goals are his NHL career-high and the first time he's scored 20 in seven seasons; he scored 19 in 78 games with the Florida Panthers and Penguins in 2018-19.
"We always thought he had the potential to do that," Francis said. "When we looked at his numbers, we thought there was a little more in his game we thought that could come out, so you're pleasantly surprised when it does happen, and certainly I think he's had that kind of season where he is stepping forward."
Selected by the Vancouver Canucks with the No. 24 pick in the 2014 NHL Draft, McCann has scored 188 points (87 goals, 101 assists) in 403 NHL games with the Canucks, Panthers, Penguins and Kraken. He has three assists in 12 Stanley Cup Playoff games.
