Hyman will earn $2 million in 2017-18 and 2018-19, and then $2.5 million in 2019-20 and 2020-21.
The 25-year-old Hyman was set to become an unrestricted free agent prior to the 2019-20 season.
He scored 10 goals and added 18 assists in 82 regular season games before scoring a goal and adding three assists in six playoff games with the Maple Leafs in 2016-17.
In 98 career regular season NHL games, Hyman has 14 goals and 20 assists.
Hyman played one season with the American Hockey League’s Toronto Marlies and four seasons with the University of Michigan. During his tenure at Michigan, Hyman was honoured as Michigan’s athlete of the year as well as a first-team All-American, a first-team All-Big Ten selection, a Big Ten All-Academic selection and a top-10 finalist for the Hobey Baker Award in 2014-15.
Hyman was acquired by Toronto in a trade with the Florida Panthers on June 19, 2015. He was originally selected by Florida in the fifth round (123rd overall) in the 2010 NHL Draft.