The deal announced Tuesday will pay Sutter $600,000 at the NHL level or $150,000 at the American Hockey League level with a guarantee of at least $250,000.
The 26-year-old Sutter was team captain for the Charlotte Checkers of the AHL last season with 19 goals and 29 assists in 70 games. The goals, assists and 48 points were Sutter's best totals in the AHL.
Sutter also played three games with the Hurricanes last season.
Sutter was a sixth-round pick in the 2007 draft with one goal and four assists in 37 NHL games with the Hurricanes and Calgary Flames. Carolina first acquired Sutter in a 2010 trade.