The only thing more valuable than expiring contracts is the team-option and partially guaranteed 5th and 6th years. That's really where things go off the rails, a MLE deal with a trade kicker thrown in when it's in it's 4th or 5th year. Suddenly a MLE player is making nearly $9 million? And perhaps not producing? With two years left? The MLE is where many bad contracts are made e.g. Blount (MLE-level money, though technically not MLE), Nocioni, Posey, etc.
Make years 4 and 5 partially guaranteed, and it becomes an asset either way, if the player's worth it, or if he isn't and can be cut at the end of year 3 in a salary cut. Player still gets, say, 50% of what's left, $6 million or so for not playing? Good deal all around.
I wouldn't be surprised if someone pushes for a "franchise" tag in free agency, too.