Ellis has one year left and Smith is in his final contract year.
**** to quote myself, but........it appears Steve accomplished both things. Desjardins gets more time in the minors then can be called up again if he is truly the only option and Roloson brings in veteran rental stability. Desjardins will probably be the future of netminding for the Bolts. I wouldn't bet against too many goalies that are draft picks of Montreal. I wonder who odd man out will be? I don't know the contract details for Smith or Ellis.
I think TheBurglar was asking more along the lines of whether Ellis/Smith have one-way or two-way contracts. I am pretty sure they both have one-way contracts, which means the Lightning would have to put them through waivers in order to send them down to the AHL. I doubt that any team in the NHL would pick them up at this point, but you never know.
I am more inclined to believe that Smith will be the odd man out because he has been consistently dreadful all season long (he has only managed to string together two decent starts in a row twice all season), while Ellis has had some stretches of good goaltending (a couple of four-game stretches where he played very well, if not exceptionally well, including one very recently). Also, Smith is still injured, so either way the Lightning will have to go with Ellis as their backup for now.
I will remember forever the impact that Dwayne Roloson had on my Oilers in '06 when we picked him up before the deadline, squeaked in with the eighth seed, and then he stood on his head and turned in one of the most remarkable playoff performances I've ever seen. His performance was worthy of comparisons to Hasek when he took the Sabres to the Stanley Cup Finals. If Roloson hadn't gone down with an injury in Game 1 of the Finals we would've beaten the Hurricanes for sure and he would've won the Conn Smythe Trophy.
Lightning fans should be thrilled with this acquisition. Roloson is a stellar NHL goaltender (and is underrated and unappreciated). The Lightning have some excellent scoring forwards and decent defence. Their depth is still lacking and Simon Gagné needs to turn around his dreadful season, but the Lightning are division leaders and have now filled one of their holes and by far the most gaping one; they are a contender. The Penguins, Flyers, Red Wings, and Canucks are still better teams (and in my opinion, the Bruins and Kings are as well) with much more depth and balance, but Steve Yzerman has been an amazing GM thus far and he can definitely continue to improve the roster should he continue to make brilliant moves like he has been.