Neuvirth will make $2.4 million next season and $2.6 million in 2014-15 in the deal announced by the Capitals on Saturday.
The 25-year-old goalie ranks third in career wins in franchise history with 55, but he's become the backup this season behind Braden Holtby as the Southeast Division champions prepare for the start of the playoffs next week.
Even so, Neuvirth will make more than Holtby the next two years. The 23-year-old Holtby signed a two-year deal with $3.7 million in February.
Neuvirth was 4-5-2 with a 2.74 goals-against average in 13 games this season headed into Saturday's regular season finale.
He was selected by the Capitals in the second round of the 2006 draft.