Faulk, who has three goals and 21 assists this season in 65 games, will make $2.5 million next season, and then his salary will increase gradually up to a $6 million pay day in 2018-19 and 2019-20.
The third-year man out of Minnesota-Duluth is second on the team with an average of 23 1/2 minutes per game.
“Justin has proven to be among the best young defensemen in the league as confirmed by his selection to the U.S. Olympic team,” general manager Jim Rutherford said in a statement. “He has been and will continue to be the anchor of the Hurricanes’ defense for years to come.”
Faulk, who is 6-foot, 215 pounds, has 16 goals and 45 assists in 169 career games.