Under terms of the extension announced Sunday, McClement will make $1.3 million next season and $1.1 million in 2016-17.
The 31-year-old centre had two goals in a 5-3 win over the New York Islanders on Saturday and has six goals and 12 assists for the season. He also plays a key role on a penalty-kill unit that has a league-best 88.2 per cent success rate.
He signed a free-agent deal with Carolina over the summer.
General manager Ron Francis calls McClement "a valuable veteran leader" and says it was "important for us to keep him in Raleigh."
Stay Connected
NHL.TV™
NHL GameCenter LIVE™ is now NHL.TV™.
Watch out-of-market games and replays with an all new redesigned media player, mobile and connected device apps.
Introducing the new official NHL App, available for iPhone, iPad and Android smartphones and tablets. A host of new features and improved functionality are available across all platforms, including a redesigned league-wide scoreboard, expanded news coverage, searchable video highlights, individual team experiences* and more. The new NHL App on your tablet also introduces new offerings such as 60fps video, Multitasking** and Picture-in-Picture.
*Available only for smartphones
** Available only for suported iPads