Corpas went 1-2 with a 4.54 ERA with 16 walks and 30 strikeouts for the Rockies last season after going to Colorado's big league spring training camp under a similar deal and beginning the season at Triple-A Colorado Springs.
Corpas was the closer on Colorado's 2007 World Series team before he was beset by right elbow injuries. He missed all of 2011 before joining the Cubs in 2012.
Masset missed the last two seasons after right shoulder surgery. He is 16-14 with a 3.78 ERA in 308 major league appearances from 2006-11 with the Rangers, White Sox and Reds.