Honestly, with our cap situation, you might as well go ahead and do it. Make it a three year deal. If he doesn't live up to it, no skin off anyone's back.
I'd think he'd want a longer term deal like every other guy who gets a big contract. I'd think at least 5-6 with a good chunk of it guaranteed. If all we're offering is three years then he'll just try free agency because some desperate team WILL give him what he wants.