Ottawa sent forward prospect Jonathan Gruden and a second-round draft pick to Pittsburgh in the deal.
The Senators said that they wouldn't be re-signing longtime goaltender Craig Anderson this offseason.
It feels like Murray has been around forever, but he is only 26. He started out like a Hall of Fame netminder, winning back-to-back Stanley Cups in his first two seasons in the league. But that was three years ago, and last season, he not only didn't look like a Stanley Cup goalie, he struggled to be an NHL starter on a playoff-caliber team.
He had a goals-against average of 2.87 and a career-worst .899 save percentage. He ended up splitting time with fellow restricted free agent Tristan Jarry, who became an All-Star.
Penguins general manager Jim Rutherford indicated that he might be shopping Murray. And then he signed Jarry to an extension, likely making Casey DeSmith the backup.
Murray is coming off a three-year contract with a cap hit of $3.75 million. In his five seasons in the league, he has a career GAA of 2.67, a save percentage of .914 and, more importantly, those two Cups.
The Senators, who had three first-round picks on Tuesday during the NHL draft, are in the midst of a major rebuild, and given Murray's age, he figures to be an anchor in the crease. Ottawa last qualified for the postseason in 2017.