What might set a precedent for Deron William, Chris Paul signed a three year deal with a player option for a fourth that would pay him $68 Million.
So will that have an effect on Deron's contract? Maybe. I think their situations are a little different in the I think Deron might be thinking a little more long term because he has a family and likes the SLC. My guess still is that he signs for four with an option for the fifth.
Of course, as clarkpojo pointed out in his excellent post, a lot of Deron's decision might depend on the brass of the Jazz convincing Deron that they will do what it takes to build a championship team around him.
At the very least, we'll have Deron for the next four years with his remaining deal and a minimum of three on the new one.