Condon, 27, was acquired from the Pittsburgh Penguins in exchange for a fifth-round draft pick in 2017 last fall. He backed up starter Craig Anderson, who periodically took time off to be with his wife as she fought cancer.
Condon appeared in 40 games for the Senators in 2016-17, posting a 19-14-6 record with a 2.48 goals-against average, a .914 save percentage and five shutouts.
The native of Holliston, Massachusetts, played in a franchise-high 27 consecutive games between Dec. 1 and Feb. 4 and became the fastest goaltender in franchise history to record five shutouts, doing so in his 32nd game. Condon and Anderson matched the franchise record of 10 shutouts (2001-02).
Condon was undrafted out of Princeton and later signed to a two-year contract by the Montreal Canadiens in 2013. He was claimed by the Penguins three years later.