The Leafs were looking to sign Franson to a two-year contract, while Franson was looking for a one-year deal at a higher salary. Both sides compromised.
In 45 games with the Leafs last season, Franson registered four goals and 25 assists for 29 points, along with a plus-4 rating.
The native of Sicamous, B.C., has played in 243 career NHL regular-season games, to date, with the Nashville Predators and Maple Leafs, and has accumulated 23 goals and 77 assists for 100 points, along with 76 penalty minutes.
Franson was originally drafted by the Predators in the third-round (79th overall) of the 2005 NHL Entry Draft.
He was traded to the Leafs, along with Matthew Lombardi, on July 3, 2011, in exchange for Bredd Lebda and Robert Slaney.