All of this reaffirms the point: Ray Allen, while a good defender and player generally, is mostly a one-trick pony, and the entire team works like heck to get him an opportunity to show off his trick. He's better at it than anyone else, and surely is valuable, but he can pretty much only kill you with jumpers these days.
And Eddie House initially came here for about half the MLE (split with Posey, if memory serves). Ray's getting to that point, and it's in line with what others here are suggesting.
The thing is, and this is the main point: a complementary player's value depends on the construction of the team. Ray can put a team over the top, but can't get a team anywhere near the top. He won't be the top priority this offseason, or even close. I'd put more energy into resigning Bass than Ray at this point (and pay him more, too), though neither would be my first call of free agency.
How is a "good defender and player generally" who also happens to be arguably the greatest shooter of All-Time a one trick pony? Ray may not be an All-Star, but we're talking:
* Elite shooter, as good as ever
* Adequate defender (better than a lot of "young scorers" in this league)
* Excellent teammate, excellent health (still good for 80 games and 30+ MPG).
* Decent handle & passing ability
Sure he doesn't create a lot of shots, but he's still a top-10 shooting guard in the league. Who's better? Kobe, Wade, maybe Ginobili or Harden or Joe Johnson? IMO he's still a better overall player than guys like Kevin Martin, Ben Gordon, Jamal Crawford, Nick Young, etc.
Age is a factor here, but Ray Allen is no Eddie House, not even close.