Russell can make up to a total of $4 million with roster time incentives, pro-rated, after serving his suspension for violation of domestic abuse policies.
Russell, 24, will miss the first 28 games of 2019 as part of a 40-game suspension handed down late last season, after details emerged about abuse allegations stemming from his marriage to his former wife.
The new contract is a $200,000 raise from last season but well below what his deal might have looked like if not for his troubles. A player in good standing in Russell's situation would be due about $4.5 million for 2019.
Russell can also be cut from the team for one-sixth of the $3.4 million base salary. He can also make up to $600,000 in incentives if he's on the active roster for up to 150 days.
After tendering him a contract in December, the Cubs said they were monitoring Russell's off-the-field progress as he goes through counseling and therapy. So far, he's met the team and league's demands while offering his first public apology for his actions.
The Cubs also settled on 2019 contracts with Kris Bryant ($12.9 million), Javier Baez ($5.2 million) and Kyle Schwarber ($3.39 million), as well as arbitration-eligible pitchers Mike Montgomery, Kyle Hendricks and Carl Edwards Jr.