McClement will make $1 million during the 2014-15 season.
"Jay is a veteran centreman who is proficient in the faceoff circle," Carolina general manager Ron Francis said in a statement. "He'll also provide elements of consistency and leadership for our club."
The 31-year-old McClement played the past two seasons for the Leafs and had 12 goals and 15 assists during his time in Toronto.
A native of Kingston, Ont., McClement led the Leafs with a faceoff percentage of 53.6 this past year.
It's an incredible feeling just to see it go in and see the Joe go pretty crazy. Ever since the introduction there, I was kind of feeling the nerves, and to put that one home, I started to feel comfortable and I thought my play started to pick up.
— Nineteen-year-old Red Wings forward Dylan Larkin after scoring a goal in his NHL debut
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