According to Blue Notes, it's a two year deal, he'll make $2.2M the first year and $2.4M the second year, making him a $2.3M cap hit.
According to the Rangers website:
New York Rangers President and General Manager Glen Sather announced today that the club has agreed to terms with forward Ryan Callahan.
Callahan, 24, established career-highs in games played (81), goals (22), assists (18), points (40), and penalty minutes (45) last season. He also won the Steven McDonald Award, voted by the fans as the player who performs “above and beyond the call of duty.”
Callahan ranked second on the team with a career-high, 237 shots, first with a plus-seven rating and tied for fourth on the club in goals. In addition, he led the team and ranked fourth in the NHL with 265 hits. Callahan posted a team-high, six-game scoring streak from March 12 at Nashville to March 22 against Ottawa, recording eight points (four goals and four assists) over the span, and tied for the team-high with a three-game goal streak (March 17 at Montreal to March 22 vs. Ottawa).
He reached the 20-goal plateau for the first time in his career on March 28 at Pittsburgh, and skated in his 100th NHL contest on December 16 at Anaheim. Callahan also skated in all seven playoff games with the Rangers, and tied for the team lead with two goals.
On June 30th, the Rochester, New York native was one of 34 players who were invited to the U.S. Olympic Men’s Ice Hockey Camp to be held August 17 to 19.
Callahan has skated in 147 career regular season games in three seasons with the Rangers, registering 34 goals and 25 assists for 59 points, along with 85 penalty minutes. He ranked fourth in the NHL among rookies with 139 hits and tied for third on the team with a plus-seven rating during the 2007-08 season.He finished that season recording a plus or even rating in 36 of his last 40 contests.
In 2006-07, Callahan tallied two goals, including his first career NHL point, on March 17 against Boston. He made his NHL debut on December 1, 2006 at Buffalo. In addition, Callahan has skated in 27 playoff contests with the Rangers, recording six goals and three assists for nine points, along with 20 penalty minutes.
Callahan was originally the Rangers’ fourth round selection, 127th overall, in the 2004 NHL Entry Draft.