@philsmania:
If they are not going to get a significant discount in AAV / term, then wait until he is a FA. Relief pitchers are just too risky, so why take on the early commitment and guarantees and downside risk of injury when there is little upside for the early signature.
If you think that his FA market is for a 4-5 year deal at $22M AAV, then offer a 3 / $54 with a vesting option if he signs now. Still a risk but with less downside and some built-in value if he stays healthy and effective. Otherwise tell him that you want him back but let him test the market. If you have to pay big anyway, then why assume the extra risk more than a year ahead of time with the most volatile of position groups?