The 25-year-old goalie was a restricted free agent who had an arbitration hearing scheduled for Saturday.
Rittich signed as a free agent June 10, 2016. He is 8-6-3 with a 2.92 goals-against average and .904 save percentage in 22 NHL games (16 starts).
The Flames have an arbitration hearing scheduled with restricted free agent forward Garnet Hathaway on July 30. Center Mark Jankowski avoided a hearing scheduled for Friday when he signed a two-year, $3.35 million contract with Calgary on Wednesday.
Defenseman Brett Kulak, a restricted free agent, had a hearing Monday and was awarded a one-year, $900,000 contract Wednesday.
