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.
Not only is it a great idea, but if you don't [start using analytics] you're going to fall behind. You have to be on the cutting edge. It was [Arizona Coyotes assistant general manager] Darcy Regier who said, 'If you didn't invent it, you have to be the second- or third-best copier, because if you're fourth or fifth you've got no chance.'
— Detroit Red Wings coach Mike Babcock on his interest in advanced statistical analysis