Schultz, 32, will earn $4.5 million over the length of the deal, according to sources. His salary cap hit will be $2.25 million.
The Flyers have been working to re-sign Schultz for nearly three weeks now. He has been their most steady and consistent defenseman all season, impressive considering he was signed as a spare part last July. He is earning $1.25 million this season.
Schultz has rejuvenated his career with the Flyers, after bouncing around from Minnesota to Edmonton to Columbus since 2012. He is on-pace to nearly match a career-high in points (20) and his possession numbers not only lead the Flyers' defense, but are also at a career-high mark since they began being publicly tracked in 2008.
The fact that the Flyers re-signed Schultz increases the odds Braydon Coburn or Nick Grossmann will be moved before the March 2nd trade deadline. With Schultz, the Flyers now have seven defensemen under contract for next season, not including restricted free agent Michael Del Zotto, whose rights can be retained with a $1.5 million qualifying offer.
On Twitter: @frank_seravalli