07/01/2016 10:43 EDT | Updated 07/02/2017 01:12 EDT

Ottawa Senators sign five players to one-year, two-way contracts

OTTAWA — Defenceman Michael Kostka as well as forwards Phil Varone, Casey Bailey, Max McCormick and Chad Nehring all signed one-year, two-way contracts with the Ottawa Senators on Friday.

Kostka's contract will carry an annual value of $800,000 in the National Hockey League and $325,000 in the American Hockey League.

Varone's deal has an annual value of $700,000 in the NHL and $325,000 in the AHL, while Bailey will earn $874,125 in the NHL and $70,000 in the AHL. McCormick will earn $650,000 in the NHL and $72,500 in the AHL. Nehring's deal is worth $600,000 in the NHL and $125,000 in the minors.

Kostka played in 15 games with Ottawa last season, recording one assist and four penalty minutes.

The 30-year-old Kostka appeared in 50 games with the AHL's Binghamton Senators, scoring five goals and adding 29 assists with 20 penalty minutes. He represented Binghamton at the AHL's 2016 All-Star Classic.

Undrafted, Kostka has scored four goals and earned 17 assists, while adding 39 penalty minutes in 85 career NHL games with Ottawa, the Toronto Maple Leafs, Chicago Blackhawks, Tampa Bay Lightning and New York Rangers.

He has 244 points (47 goals, 197 assists) and 270 penalty minutes over 456 AHL games.

Varone was acquired by the Senators on Feb. 27 along with forward Jason Akeson, defenceman Jerome Gauthier-Leduc and a conditional draft pick from the Buffalo Sabres. Following the trade, Varone scored six goals and 23 points in 21 games with the B-Sens.

The 25-year-old Varone has played in 43 career NHL games with Ottawa and Buffalo, recording five goals and 10 points.

In 327 career AHL games with Rochester and Binghamton, he has scored 74 goals and added 173 assists for 247 points, while adding 192 penalty minutes.

Ottawa acquired Bailey on Feb. 9 in part of the nine-player trade that brought defenceman Dion Phaneuf to the Senators. Following the trade he played in 30 games with Binghamton, scoring seven goals and adding 14 assists for 21 points. In 68 AHL games between the Toronto Marlies and the B-Sens in his first full professional season, he scored 11 goals and added 28 assists for 39 points.

The 24-year-old Bailey was signed on March 21, 2015, by the Toronto Maple Leafs after playing three years with Penn State University. In 96 career games at Penn State, he registered 80 points (45 goals, 35 assists) and 91 penalty minutes. Bailey, who was undrafted, has one goal in six career NHL games, each of which has occurred with Toronto.

McCormick, 24, appeared in 57 games for the B-Sens last season, setting new career highs in goals (15), assists (15), points (30) and penalty minutes (143). He made his professional debut with Binghamton in 2014-15 and has registered 50 points (25 goals, 25 assists) and 276 penalty minutes over 119 American Hockey League games.

In 20 NHL games with the NHL's Senators, McCormick registered four points (two goals, two assists) and 37 penalty minutes.

Drafted by Ottawa with its second sixth-round pick (171st overall) in the 2011 NHL Draft, McCormick spent three seasons with the Big Ten Conference's Ohio State Buckeyes, where he recorded 88 points (36 goals, 52 assists) and 97 penalty minutes in 94 career collegiate contests.

Nehring spent his second straight season with the AHL's Hartford Wolf Pack, where he set career highs in goals (26), assists (26) and points (48) while playing in all 76 of his team's games. He led the Wolf Pack in goals, points and plus-16.

The five-foot-11, 200-pound Nehring was undrafted after playing four seasons with Lake Superior State University of the CCHA. He has also played for the Idaho Steelheads and Greenville Road Warriors of the ECHL.