Murray, 25, gets a two-year contract, with reports saying he'll make $4.6 million per year. Reports had Korpisalo getting a one-year, $1.15 million deal.
Murray had one goal and a career-high 28 points last season. He was coming off a two-year, $5.65 million deal.
"Ryan Murray is an elite puck-moving defenseman with excellent vision and we are excited that he will continue to be an important part of the young and talented blueline we have in Columbus," general manager Jarmo Kekalainen said. "He has battled injuries early in his career, but he is still a young player with great upside and we believe his best seasons are ahead of him."
With Sergei Bobrovsky slated for unrestricted free agency and not close to agreeing with Columbus, last season was an audition of sorts for Korpisalo. The 25-year-old didn't exactly grab the starting job.
At one point, Korpisalo sported a 9-2-2 record, but his goals-against average of nearly 3.00 predicted that his record would come back to earth -- and it did. Korpisalo ended up with a 10-7-3 mark with a 2.95 GAA and an .897 save percentage in 27 games.
"The 2019-20 season will provide Joonas Korpisalo with a great opportunity to prove himself in the National Hockey League and I am confident that he is ready for that challenge," Kekalainen said in a statement. "He has played sparingly over the past three seasons and that can be difficult, especially for a young goaltender, but he has all the tools -- size, quickness, athleticism and a passion to win -- that it takes to be a very successful goaltender in this league."
In March, the Blue Jackets signed Latvian goalie Elvis Merzlikins to an entry-level deal, and he looks to compete for a spot on the roster next season.