The deal reportedly carries a salary-cap hit of $4.1 million and is worth $16.4 million over the course of the contract, according to CapFriendly.
“We’re excited to have Devon under contract for the next four years,” said Avalanche executive vice-president and general manager Joe Sakic in a press release.
“As I said when we acquired him, Devon is a smart, two-way, puck-moving defenseman who is a durable defender and is excellent in transition.”
Toews, 26, was sent to the Avalanche from the New York Islanders earlier this month in exchange for second-round selections in the 2021 and 2022 NHL Drafts.
The product of Abbotsford, B.C., notched a career-high six goals and 28 points last season, adding 10 points in 22 playoff contests.
Selected by the Islanders in the fourth round (108th overall) of the 2014 NHL Draft, Toews has recorded 46 points in 116 NHL games.