The Flyers also agreed to terms with forward Zack Stortini on a one-year, two-way contract. No financial terms were disclosed for either contract.
A second-round pick (No. 33) of the Minnesota Wild in the 2000 NHL Draft, Schultz has 27 goals and 146 points in 880 games with the Wild, Oilers and Blue Jackets.
Stortini, 6-foot-4, 232 pounds, spent the 2013-14 season in the Anaheim Ducks' organization playing for their American Hockey League affiliate, the Norfolk Admirals. He had four goals, nine points and an AHL-leading 299 penalty minutes.
The Flyers also signed forward Andrew Gordon to a one-year, two-way contract. Gordon had 23 goals and 57 points last season for the St. John's iceCaps, the Winnipeg Jets' American Hockey League team. He has three goals and seven points in 55 NHL games with the Washington Capitals, Anaheim Ducks and Vancouver Canucks.