Orlov was suspended by the NHL for two games this month for boarding Philadelphia Flyers forward Brayden Schenn. Orlov launched into Schenn during the third period of a March 2 game, drawing a major penalty that helped the Flyers rally from a 4-2 deficit for a 5-4 overtime victory.
The 22-year-old Orlov will make $1.75 million next season, and $2.25 million in 2015-16. He has three goals, six assists and 19 penalty minutes in 38 games this season with Washington.
The Capitals announced the deal Thursday.