I think bidding starts at the last year of his deal, divided over three seasons.
In other words, $8.5 million ($2.8 mil a year).
No, it's the vet. min. per year for the length of the contract, if all years are fully guaranteed.
Vet min based on the individual player's term of service to date, I assume?
Yes, so I think it would be the sum of 1,146,337 + $1,186,459 + $1,227,985. Not sure if that's exactly how it works. Maybe it's just 1,146,337 for all 3 years (but doubt it).
You bid the total, but it's spread through the 3 years as far as per year payments go, and salary cap implications.