I think one very likely scenario is a franchise tag followed pretty quickly (within a couple of weeks) by a longer term (3 year) contract. The tag would simply make it impossible for someone to swoop in and bowl him over with a huge offer with "take it or leave it before you leave this room, after that the offer is off the table."
Oh, and I can't change my poll vote, I said 3 year contract at a steep price, but with more thought it's more likely to be a 5 year contract that looks insane and makes him look like the highest paid receiver, but it in reality a steep-but-not-insane 3 year deal at its core. This is the guy who has already signed a huge (70M wasn't it?) contract with Minnesota that he didn't see the final year of, no reason to think he wouldn't sign a similar contract again.