The deal is worth $2.8 million total, or $1.4 million per season, according to ESPN's Pierre LeBrun.
Since signing with the Canadiens before last season, Budaj hasn't been asked to play a lot behind Canadiens starter Carey Price, but when he has been called on he's been serviceable to say the least. This season he has played in eight games, going 6-1-0 with a .917 save percentage and 2.28 goals against average. For a backup, those are pretty good numbers. You could certainly do worse.
The new contract represents a slight raise from the $1.15 million cap hit that Budaj is carrying right now, but that's to be expected with his solid numbers. Still, it's not a huge increase; the Canadiens are dealing with the realities of a declining salary cap, so they had to be careful how much they spent on the backup spot.
Starting next season, the Canadiens will be paying a total of $7.9 million for their goalies --not a bad sum for the whole of their parts; i.e. their production.
Budaj, 30, came to the Canadiens from Colorado, where he had received the bulk of the starts. His last season with the Avs, in 2010-11, he started 45 games. For his career he has just a .903 save percentage even with two solid years backing up Price in Montreal, so he has clearly found a better fit.
S/t to the invaluable Cap Geek for the salary cap numbers