The team did not release the financial terms of the contract, but it's reportedly worth $4.6 million, according to Damian Cristodero of the Tampa Bay Times.
In 19 appearances this season between the Senators and Lightning, Bishop has a 10-8-0 record to go with a .920 save percentage. Since joining the Lightning, he has allowed 17 goals on 203 shots (.916 save percentage).
Goaltending has been a constant struggle for the Lightning since the start of last season. The team tried to solidify the position over the summer by acquiring Anders Lindback from the Nashville Predators and signing him to a two-year contract worth $1.8 million per year.
So far it hasn't really worked out as planned.
"Moving forward, we really believed he would solidify our goaltending," general manager Steve Yzerman told the Lightning's website on Monday. "The idea was to get [Bishop] signed, which was always our intention, so now we look to move into next season with both Ben and Anders Lindback. They are both relatively young, and they each have tremendous upside."
It also gives the Lightning what might the biggest goaltending duo in NHL history (Lindback is listed as being 6-feet-7, Bishop is 6-feet-6).