The club announced Monday that McBain will get $1.7 million next season and $1.9 million in 2013-14.
The 24-year-old led all Hurricanes defencemen with 19 assists and 27 points last season, his third in the NHL.
Carolina drafted the University of Wisconsin product in the second round (63rd overall) in the 2006 draft.
"Jamie is still a very young player who has established himself as an NHL defenceman," Hurricanes general manager Jim Rutherford in a statement. "He moves the puck well and has shown that he can contribute offensively, especially on the power play."