The deal allows the sides to avoid an arbitration hearing that had been scheduled for Friday. The Flames also signed defenseman Oliver Kylington to a two-year, $5 million contract, avoiding another arbitration hearing.
Mangiapane, 26, is coming off career highs in goals (35) and assists (20) in 2021-22 while playing in all 82 regular-season games. He had three goals and three assists in the postseason as the Flames reached the second round of the playoffs, losing to the Edmonton Oilers in five games.
Drafted by the Flames in 2015, Mangiapane has 78 goals and 54 assists in 260 career NHL games.
Kylington, 25, had nine goals and 22 assists in 73 games last season.