As per newyorkrangers.com Callahan and the Rangers have come to terms which will allow both parties to avoid arbitration.
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).
Just what the doctor ordered, terms have not been released but i love having him back. Remember the Rangers held him in higher esteem than Dubinsky when names came up for the Heatley trade. More when we know it.
Update: Steve Zipay has confirmed that it is a two year deal, still no money numbers yet; I'm sure they are on there way. I'm upset that it's only two years, I would have wanted a few more.
Update: Thanks to mleetch: 2.2 mil next year…2.4 the following year