The 26-year-old had three years remaining on his current deal, which carried an annual cap hit of $4.9 million.
Wennberg's annual cap hit over the next six seasons for the Blue Jackets breaks down as follows:
The Blue Jackets signed the 6-foot-2 pivot to a six-year, $29.4-million pact following his career-best 59-point season in 2016-17.
However, Wennberg's point-per game production declined over three straight campaigns heading into 2019-20, and the Swedish forward tallied just 22 points through 57 games this season.
Columbus now has $6.18 million in projected cap space for next season with a roster of 22, per CapFriendly.