This took more time to look up and verify but I believe I've got this process sorted out. Here are 5 players I would like to sign to extensions.
Center +0.1m to capTorrey Mitchell, $1.4m (2011-2012)
2010-11 1.3m (#107: 75.65pts) and 2011-12 1.0m (#119: 20.2pts)
Extension: 3yrs for the 3yr minimum salary of 1.5m through 2013-14
Defence +0.4m to capMark Fraser, $0.2m (2011-2012)
2010-11 0.6m (#202: 23.1pts) and 2011-12 0.4m (#233: 2.1pts)
Extension: 2yrs for 0.6m through 2012-13
Goalies -0.9m from capAntero Nittymaki, $2.0m (2011-2012)
2010-11 0.8m (#51: 109.75pts) and 2011-12 0.2m (#341: 0pts)
Extension: 2yrs for 0.8m through 2012-13
Henrik Karlsson, $1.0m (2011-2012)
2010-11 0.5m (#62: 64.75pts) and 2011-12 0.5m (#61: 20.5pts)
Extension: 2yrs for 0.5m through 2012-13
Andrew Raycroft, $0.7m (2011-2012)
2010-11 0.7m (#54: 91.5pts) and 2011-12 1.0m (#46: 41.25pts)
Extension: 3yrs for the 3yr minimum salary of 1.5m through 2013-14
Maximum Years
<= $1.4m, 2 years
$1.5m - $5.4m, 3 years
$5.5m - $7.9m, 4 years
>=$8m, 5 years (the overall limit)