The Great Britain forward scored 15 goals with 20 assists in 63 games for the Panthers as they won the Challenge Cup and Elite League play-off title.
Devils Managing Director Todd Kelman said: “We are pleased to get Matthew back in Cardiff for the foreseeable future – his style of play is something we missed last season.
“He is a workhorse and a real battler. We know what we are going to get from him every night and I’m glad he is a Devil once again.
“He is a great face-off guy, one of the best I have seen. For those that know the game well, this is a huge plus for any team because it leads to so much possession.
“He is also a great penalty killer and he is a handful for any defender in front of the opposing net.
“We love his style of play and expect him to bring the same intensity every night to the Devils line-up.”
(Image permission: Richard Murray)