The deal carries an annual average value of US$1.2 million.
The Jets selected Barlow 18th overall at the 2023 NHL draft after he had 79 points (46 goals, 33 assists) in 59 games with the Ontario Hockey League's Owen Sound Attack last season.
The 18-year-old added three goals in four playoff games.
In two seasons with Owen Sound, Barlow has 126 points (76 goals, 50 assists) in 118 games.
He was selected to the OHL First All-Rookie Team in 2021-22.
Internationally, Barlow helped Canada win gold at the 2022 Hlinka Gretzky Cup and bronze at the 2023 IIHF U18 World Championship.
This report by The Canadian Press was first published Sept. 21, 2023.
The Canadian Press