The Devils will also retain 50 per cent of Simmonds’ salary in the deal.
The pick transfers to the fourth round if Simmonds plays in 10 regular-season games and Buffalo makes the playoffs.
Simmonds has 24 points across 61 games with the Devils this season.
The 31-year-old signed a one-year, $5-millon deal with New Jersey last summer.
Simmonds has 498 points in 902 NHL games, with time also in Los Angeles, Philadelphia and Nashville.