Both had been restricted free agents.
Smith, 25, had his best year to date in 2013-14, playing 75 regular season games for the Blackhawks, scoring 14 goals and adding 12 assists. In Chicago's playoff run, he scored four goals in 19 games.
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Raanta, 25, backs up starting goaltender Corey Crawford, and started 22 games for Chicago last season. He had a 2.71 goals-against-average and went 13-5-4.