I think I would definitely offer him the QO.
In some fashion, this team will need to address the innings gap that was filled this year by the combination of Buehrle, Dickey and Estrada. I guess it's likely that Dickey's option will be picked up, but I think they can do worse than 1 more year of Estrada. The timing might actually work out well in terms of being able to see if Osuna (and perhaps also Sanchez, Hendriks?) can make the switch back to the rotation successfully or not. If he/they can, then maybe you don't have to go to Estrada beyond that first year.
Obviously there will be a lot of balls in the air, but I think I'd prefer Estrada on a one year term over committing to a multi-year deal, albeit at a lower annual value.