I like the idea of splitting the money they give him into different portions. A big chunk as a bonus($3 million), and then the rest contingent upon meeting performance goals.
Like if he is on the 25 man Reds roster in 2010, he gets paid $1.5 million to play that year instead of MLB minimum. That would give him extra money, and give the Reds protection in case he flops. You could get near a $7 million total deal that way, and not have all of it payable right now.