I'm going 9-11 million too, not so much because I think the C's couldn't get him for a little less, but because I think they'd be better off paying a couple extra million a year to keep him happy.
Personally, I'd prefer something for two years. KG and Wallace each have two years left after this coming season, so having KG, Wallace, and Ray all expire the same year would give us tremendous flexibility (and possibly Paul, if they extend him one year). And if for some reason the C's win 3 in a row and look like they have another one in them, DA can always bring them back for one more year.