His new deal will see him earn $775,000 if he plays in the NHL, while his salary in the minors is set at $300,000.
Regardless of where he plays, Steeves is guaranteed to make at least $350,000. Last season, he was a standout with the Marlies, scoring 27 goals and racking up 57 points in 65 AHL games.
Steeves has shown he can be reliable at the AHL level, and will help the Marlies. The 24 year-old and former Notre Dame scorer, could bring his playmaking prowess to the leafs bottom six if injuries or other circumstances arise.