The 26-year-old forward was a restricted free agent and avoided a club-elected salary arbitration hearing scheduled for Saturday.
Wood did not have a point in three games last season, missing the first 66 games with a hip injury that required surgery Nov. 9.
Selected by New Jersey in the fourth round (No. 100) of the 2013 NHL Draft, Wood has 121 points (65 goals, 56 assists) in 326 regular-season games and no points in five Stanley Cup Playoff games.
RELATED: [2022 NHL Free Agent Tracker]
On Wednesday, the Devils agreed to a one-year, $5.45 million contract with forward Jesper Bratt. The 24-year-old, who was a restricted free agent and avoided a salary arbitration hearing scheduled for Wednesday, led the Devils last season in assists (47) and points (73) in 76 games, each an NHL career high. He also tied forward Jack Hughes for the New Jersey lead in goals (26), also a career high.
The Devils (27-46-9) finished seventh in the Metropolitan Division last season, missing the playoffs for the fourth straight season and for the ninth time in the past 10 seasons. This offseason they have signed forward Ondrej Palat (July 14) and defenseman Brendan Smith (July 13), and traded for goalie Vitek Vanecek (Washington Capitals, July 8), defenseman John Marino (Pittsburgh Penguins, July 16) and forward Erik Haula (Boston Bruins, July 13).
Andrew Brunette was hired as an associate to coach Lindy Ruff on July 15. Brunette finished second to Darryl Sutter of the Calgary Flames in voting for the Jack Adams Award as NHL coach of the year with the Florida Panthers last season.
