Thompson made the announcement today that both players have been re-signed thru 2013.   No numbers on the Collins deal that I saw but Pickett's looks like 4 years, $28 million.  

Regarding Collins: "The Packers always try to be proactive in our discussions with our current players and we are pleased we were able to come to an agreement with Nick," said Thompson. "Nick has been an impact player for us, and we look forward to having him continue his career as a Packer."

Regarding Pickett: "We have continued to talk to Ryan and his representatives and are pleased we were able to sign Ryan to this extension," said Thompson. "He has been a key part of our success on defense, and we look forward to having Ryan be a part of our future in Green Bay." 

UPDATE: Collins deal is three years, $23.4 million Link here.

UPDATE 2 from Brandon: The Press-Gazette has Collins at four years, $26.7 million. I wrote my thoughts about it in the comments.