Frolik's deal is worth $4.3 million annually. Ramo will earn $3.8 million on a one-year deal.
Frolik, 27, scored 19 goals and had 23 assists in 82 games last season for the Winnipeg Jets.
Frolik was held pointless in four playoff games. Frolik was paid $3.3 million in 2014-15.
Ramo posted a 15-9-3 record, a 2.60 goals-against average and a .912 save percentage in his second season in Calgary.
Ramo had a 2.86 GAA and his save percentage was .906 in seven playoff appearances. Instead of testing the open market, Ramo opted to return to Calgary for a raise on his $2.75 million salary last season.