Devane, 26, skated in 43 AHL games with the Stockton Heat last season, picking up four goals and nine assists for a career-high 13 points.
Entering his sixth professional season in 2017-18, Devane has appeared in 223 career AHL games with Stockton, Milwaukee and Toronto, collecting 16 goals and 23 assists for 39 points.
Originally a third-round draft choice by Toronto in 2009, Devane has skated in two career NHL games with the Maple Leafs.
Schmalz, 21, finished his junior career with Owen Sound (OHL) last season, recording 16 goals and 15 assists for 31 points. A fifth-round draft pick by Los Angeles in 2015, Schmalz totaled 119 points in 308 games over five OHL seasons.
The native of Dunnville, Ont., made his pro debut with the Reign at the end of the 2015-16 season, notching a goal and an assist in three games.