Erskine, 32, signed a $3.925 million contract extension and will earn $1.925 million in 2013-14 and $2 million in 2014-15.
Erskine has compiled 46 points (12 goals, 34 assists) and 788 penalty minutes in 435 career NHL games with Washington, the New York Islanders and Dallas.
Holtby was also extended for two years and will make $3.7 million over the length of the contract. Holtby will earn $1.7 million in 2013-14 and $2 million in 2014-15. Holtby is 5-6-0 this season with a 3.37 goals against average and a .896 save percentage.
"We are pleased to sign Braden to a contract extension,” Capitals vice president and general manager George McPhee said. “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."