At this point, I think Ray ends up in a sign and trade package of some sort... There are teams that can use him, but I think Danny will look to make a bold move this offseason.
EDIT:
And I agree with Andy Jick... Marcus Camby and Manu Ginobli pretty much set the standard for aging/still productive vets with their extensions. So I think Ray gets at least 2 years, averaging $10m or more per.