The deal also has $250,000 in potential bonuses.
Mason returns to the Predators where he spent eight seasons from 1998-2002 and 2003-08. He posted a 58-43-12 record with a 2.61 goals-against average a .913 save percentage in 135 games with the Predators.
He has also played two seasons for St. Louis (2008-10) and two seasons for Atlanta-Winnipeg (2010-12). He was 8-7-1 with a 2.59 GAA and a .898 save percentage and a pair of shutouts in 20 games for the Jets last season.
The Predators also have agreed to terms with forward Brian McGrattan on a one-year contract worth $600,000.