It's a two-way contract in the first year and a one-way contract in the second, according to The Canadian Press. He could compete to be the backup to Ondrej Pavelec this season. The Jets do not have another NHL goalie under contract.
Hutchinson, 24, was 2-1-0 with a 1.64 goals-against average and .943 save percentage for the Jets last season. He also played in the ECHL and American Hockey League.
He played 24 games for the St. John's IceCaps and had a 17-5-1 record with a 2.30 GAA and .923 save percentage. He played 21 games with a 1.95 GAA and .938 save percentage in the Calder Cup Playoffs, helping the iceCaps reach the final before losing to the Texas Stars.
Hutchinson was the ECHL Goaltender of the Month in November and twice won ECHL Goaltender of the Week. He was chosen by the Boston Bruins with the No. 77 pick in the 2008 NHL Draft.
The Jets also agreed to terms with defenseman Will O'Neill on a one-year, two-way contract worth $575,000. O'Neill had nine goals, 36 points and 80 penalty minutes in 68 games for St. John's last season, then contributed three goals and 16 points in 18 playoff games. The 26-year-old has not played in the NHL.