Cubs would also like to extend Jay Bruce two years. I haven't calculated an extension for a contract that hasn't ended so let me know if this is incorrect.
2014 Rank: OF 109
2015 Rank: OF 39 = $5.5m
New contract: $7m (2016) $5.5 (2017-2018)
From Contracts/Extensions:
"A player may be given an extension that is less than their current salary. However, such an extension has three restrictions.
1)
The eligibility period for granting a player an extension below their current salary is only in the last year of their contract.2) On top of the minimum and maximum years for contracts, the longest this type of extension can be is two years.
3) New salary may be no less than 70% of previous salary. Therefore, a player with market value of $2.5m, current one-year deal of $5m, can have an extension for two years equal to $3.5m (0.7 * 5 = 3.5)."
You will have to wait until next season to extend. Sorry!