I think a 2 or 3 year deal with him that's mostly incentive based would be really good. Watkins, Perriman, and Wallace would be a good top set of WRs for the team, as long as they're healthy. I'd gladly give a third round pick to the Bills for him, the Ravens if could a good contract worked out.
I think the Bills would take a third round pick for him since it's higher than any comp pick, and it lets them have some type of guaranteed payoff since his contract is in the last year (they said they won't renew it for the 5th year option).