This is the third straight one-year deal for Franson, who missed most of training camp last season after a contract dispute.
The 26-year-old player is getting a raise from his $2 million contract in 2013-14, when he led all Toronto defensemen with 33 points.
Franson has 28 goals and 105 assists in 333 career NHL games. He was a third-round pick of the Nashville Predators in 2005.
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