Fayne, 25, had surgery on June 22 to repair the scapholunate ligament in his left wrist. He is expected to be ready for the scheduled start of the 2012-13 season.
Fayne appeared in all 82 regular-season games last season, scoring four goals and 13 assists. He also played in all the Devils' 24 playoff games, scoring three assists.
The new deal works out well for Fayne, who made $555,000 last season. He will earn $1.2 million in 2012-13 and $1.4 million in 2013-14.
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