Scott Nichol is the definition of veteran. At the age of 36, he's this season's Darryl Sydor, but slightly younger. He's never put up major points - his career season came to 18 points (10G 8A) with Nashville in 2007-2008, and he only played 55 games last season thanks to an upper body injury sustained in February on a missed check on Erik Johnson. The contract - 1 year, $600,000 and a $100,000 bonus - isn't anything huge, and frankly neither is the signing.
Bishop gets a one year, $600,000 contract much the same as Elliott's. I guess when they said they wanted them to compete for a spot they didn't want salary to get in the way. If you look at CapGeek, though, that amounts to a $200,000 pay cut. Goalie of the future, indeed.