His deal is for three years and carries a $925,000 annual cap hit, according to CapFriendly. It also pays him $2.65 million in bonuses each season.
New York drafted Kakko with the second overall pick in June's draft. He's expected to make an immediate impact at the NHL level for the rebuilding Rangers.
Kakko had a gigantic draft year, setting a Finnish league record for goals by a player aged 18 or younger. He also scored the golden goal to lead Finland to a world junior title and dominated the World Championship in May, posting six goals in 10 games en route to another gold medal.