Hutchinson, a 24-year-old restricted free agent, will count $575,000 against the salary cap each season if he remains in the NHL.
The Barrie, Ont., native could be Ondrej Pavelec's backup next season if the Jets don't add a veteran.
The contract is two-way in 2014-15, meaning he'll have a different salary in the AHL, and one-way in 2015-16.
Hutchinson made his NHL debut April 7 and played three games for the Jets this past season. He went 2-1-0 with a 1.64 goals-against average and .943 save percentage. He helped the AHL's St. John's IceCaps to the Calder Cup final last month.
Hutchinson was originally a third-round pick of the Boston Bruins in 2008.