Contract can't go to 2017. It has to end in 2016. See rule below.
Let's say his existing contract is $5m (2012). The minimum years for a $12m deal is 3 years and the max is 5 years. The overall max term limit of a contract is five years after the current year. Lofton can be given a 4-year $36m extension starting in 2013, so he will be paid $5m in 2011, $5m in 2012, $12m in 2013, $12m in 2014, $12m in 2015, and $12m in 2016.