The US$9.5-million, three-year contract with Emery was struck moments before the two sides began their arbitration hearing at a downtown Toronto hotel. Emery was happy to avoid arbitration.
"They say some guys get upset in there," Emery said on a conference call. "I'm just happy to finish this thing."
The 24-year-old Emery was a restricted free agent. He will earn $2.75 million next season, $3.25 million in 2008-09 and $3.5 million in 2009-10 - for an average of $3.16 million a season, a big raise over the $925,000 he made last season.
He will be an unrestricted free agent at the end of the contract.
Emery emerged as Ottawa's starting goalie last season and led the team to a Stanley Cup final appearance. He went 33-16-6 in the regular season with a 2.47 goals-against average and .918 save percentage. He was 13-7 with a 2.26 GAA and .907 save percentage. Emery has started all 30 of Ottawa's playoff games post-lockout.
The $3.16-million average for Emery eclipses the $2.66-million average salaries from Buffalo's Ryan Miller (signed last summer) and Carolina's Cam Ward and is less than the $4.25-million, one-year deal signed by New York Rangers starter Henrik Lundqvist.
Schubert, 25, signed a three-year deal. Financial terms were not immediately available. He had 25 points (8-17) and a plus-30 rating in 80 regular-season games last season. He added one assist in 20 playoff games. His arbitration hearing was scheduled for Friday.
So far only Brooks Laich of the Washington Capitals has gone ahead with his salary arbitration hearing. His award is expected Wednesday. The next scheduled hearing is Antti Miettinen and the Dallas Stars on Thursday.