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Why not try to avoid arbitration with this player and try to sign him for 3-4 years. Start at 6.2M by 4 yrs and see if he takes it. If you go single year contracts it will cost you much more in the long run......
Example: In my last league I had a player earning 400k pre-arbitration and he wanted 5.125M for the one year. I offered 5M for 4 years and he accepted the offer.
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