Financial terms were not released, but Newsday reported the total value of Grabovski's contract is $20 million and Kulemin's is $16.75 million.
Grabovski had 35 points in 58 games with the Capitals in 2013-14; Kulemin had 20 points in 70 games with the Maple Leafs.
Grabovski likely slots in as the Islanders' No. 2 center behind John Tavares. Kulemin seems like a natural fit to play on his left side. They have a history of playing together on the same line.
Grabovski has 252 points in 425 NHL games. Kulemin has 195 points in 421 games.