The Washington Capitals have rewarded goaltender Braden Holtby with a two-year contract extension worth $3.7 million.

The new pact is set to pay $1.7 million next season and $2 million in 2014-15.

"We are pleased to sign Braden to a contract extension," said Capitals general manager George McPhee on Monday. "Braden is a young and talented goaltender who has performed very well in both the regular season and the playoffs during his NHL career. We are fortunate to have two excellent young goaltenders on our roster in Washington."

Holtby has gone 5-6-0 with a 3.37 goals-against average and one shutout as the Caps have struggled out of the gate during the truncated 2013 schedule.

However, last April, the native of Saskatchewan became only the third rookie goaltender to defeat the defending Stanley Cup champions in a playoff series (Montreal's Ken Dryden in 1971 vs. Boston; Calgary's Mike Vernon in 1986 vs. Edmonton), defeating Boston in seven games in the 2012 Eastern Conference quarterfinals. He also became the seventh rookie goaltender to post an overtime win in Game 7 of a playoff series with his series-clinching road win over Boston.

In 32 appearances over the last two-plus seasons, Holtby has compiled a 19-10-3 record, 2.51 GAA, four shutouts and a .916 save percentage.