The deal also has an AAV of $85,000 and $115,000 in the first and second years, respectively, in the AHL.
The 23-year-old from Ajax, Ont., was acquired by the Senators in a six-player exchange that also sent Nikita Zaitsev and Connor Brown to Ottawa from the Toronto Maple Leafs. The Leafs received Cody Ceci, Ben Harpur, Aaron Luchuk and a 2020 third-round draft pick in the swap.
Carcone, who went undrafted, split last season between the AHL’s Utica Comets and the Toronto Marlies, recording career-highs in goals (20), assists (24) and points (44) across 62 games.
Carcone signed a three-year, entry-level deal with the Vancouver Canucks in 2016 and was traded to Toronto for Josh Leivo last December.