The 25-year-old forward was a restricted free agent who had a salary arbitration hearing scheduled for Nov. 4. He scored 42 points (20 goals, 22 assists) in 54 games with the Sabres, tied for fourth among rookies in points and tied for second in goals and was named to the All-Rookie Team.
Olofsson led rookies in goals (16) and points (35) when an injury in January caused him to miss 15 games.
"It's kind of what I've been working for all my life, so it's a great feeling for sure," Olofsson said Friday. "I mean, first of all, it's a really good contract and it's kind of life-changing for me. But at the same time I know I can do even better and ... I want to prove myself in the upcoming year. I'm just really excited to be a part of this organization. I think we're building something great here so it's going to be a good start to this journey."
Olofsson said he's excited to play with forwards Taylor Hall and Eric Staal with the Sabres this season. Hall signed a one-year contract with Buffalo on Oct. 11 and Staal was acquired in a trade with the Minnesota Wild on Sept. 16.
"I feel like [they] are really good veteran players who have been playing on a top level for [a] very long [time] so they're really good additions to our team," he said. "I feel like we have a little bit wider group now, I think we have more guys that can put up some points. I feel like we're going to be a better team for sure this year and it feels a little bit bigger, a little bit heavier with those guys."
Selected by Buffalo in the seventh round (No. 181) of the 2014 NHL Draft, Olofsson has scored 46 points (22 goals, 24 assists) in 60 regular-season games.
"I think his work ethic and his dedication to hockey is probably the thing that jumps out the most," Sabres captain Jack Eichel said after the season. "Obviously, he wants to be a good hockey player. He cares about his game; he takes care of himself and he's constantly working on his shot. He definitely holds himself accountable. When you put those things together, you're bound to have success."
Olofsson is the third Sabres player who avoided a salary arbitration hearing. Forward Sam Reinhart and goalie Linus Ullmark each signed a one-year contract on Oct. 25.
Olofsson said he believes there's plenty of room for improvement in his game.
"I'm looking to become an even better two-way player," he said. "I did become a lot better last year in the defensive part of my game, and I feel like that's something I can take pride in and do even better here. I always say I want to get better offensively ... and be even a bigger threat. Last year was probably the most minutes I've ever played in my career so far (18:23 average time on ice per game) and I felt like sometimes I got a little bit tired playing up to almost 20 minutes and even over 20 minutes sometimes. So I've been working very hard with my endurance and still trying to become even quicker and faster out there."
NHL.com staff writer Mike Zeisberger contributed to this report
