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The agreement will see Schueneman earn $750,000 at the NHL level, while he is set to make $175,000 in the AHL.
Schueneman, 25, has produced seven points (3 goals, 4 assists) in 21 games with the AHL's Laval Rocket this season. The six-foot, 200-pound rearguard also recorded 34 shots on goal, ranking second among all Rocket blueliners (behind only Otto Leskinen).
Over the course of his AHL career, the Brighton, MI native has tallied seven goals and 22 assists for 29 points in 71 games with the Stockton Heat and the Rocket. The left-handed defenseman also served 37 penalty minutes and posted a plus-2 differential.
Schueneman initially joined the Rocket on a one-year, one-way deal (AHL) on July 2, 2020.
