The agreement announced Monday was $200,000 above the midpoint of the $3.9 million Blackmon had asked for in arbitration and the $2.7 million Colorado had offered.
Blackmon made $517,500 last year, when he hit .287 with 17 homers and 58 RBIs mostly from the leadoff spot. He set career highs in doubles (31), triples (nine), stolen bases (43), runs (93) and games (157).
The 29-year-old spent the majority of the season in center. He may move around the outfield in 2016 following Colorado's agreement with Gerardo Parra, who joined Corey Dickerson and Carlos Gonzalez on the roster.
Blackmon was an All-Star in 2014.