The deal was announced by the club's general manager, Jarmo Kekalainen on Wednesday.
The 21-year-old defenseman was acquired by the Blue Jackets from the Chicago Blackhawks in a trade last July leading up to the 2021 NHL Draft. The Blackhawks had drafted Boqvist back in 2018 in the first-round, eighth overall.
The contract carries an average annual value of $2.6 million against the Blue Jackets cap. However, the backloaded deal works out to Boqvist making $2 million in 2022-23, $2.6 million in 2023-24 and $3.2 million in 2024-25. By the time it expires, Boqvist will remain a restricted free agent.
In 52 games with the Blue Jackets during the 2021-2022 season, Boqvist recorded 11 goals and 11 assists for 22 points. The Swedish native made franchise history as just the sixth blue liner to have a double-digit goal season for the Blue Jackets, despite sitting out 27 games due to injury.
He also had a total of 12 penalty minutes, three power-play goals and 64 shots on goal, while averaging 17:03 minutes of ice time.
"Adam is a talented, mobile defenceman with the ability and creativity to provide offence from the blueline," said Kekalainen. "Despite some injuries, he had a very good first season with our club at the age of 21 and as he gets bigger and stronger, we believe he has the potential to be a very impactful player in this league."