An arbitrator determined the terms of the contract Tuesday after Copp filed for the third-party hearing earlier this summer.
The Jets were looking to sign the restricted free agent for two years at $1.5 million annually, while Copp was seeking a one-year contract worth $2.9 million, Sportsnet's Elliotte Friedman reported last week.
Copp will still be an RFA when this contract expires.
The 25-year-old has been a solid middle-six player for the Jets over the past few seasons. He registered a career-high 11 goals and added 14 assists in 69 games in 2018-19.
Winnipeg still has a pair of RFA contracts to sort out this offseason, as forwards Patrik Laine and Kyle Connor are in need of new deals. The Jets have roughly $17 million in available cap space, according to CapFriendly.