The 23-year-old Korpisalo was a backup last season to All-Star Sergei Bobrovsky. Korpisalo was 7-5-1 with a 2.88 goals-against average, .905 save percentage and one shutout in 14 games.
Under the deal announced Friday, Korpisalo will be paid $700,000 in 2017-18 and $1.1 million in 2018-19.
The native of Finland is 23-16-5 with a 2.68 goals-against average, .915 save percentage and one shutout in 45 career NHL games with the Blue Jackets. He also played a key role in the Lake Erie/Cleveland Monsters Calder Cup championship in 2016.