The player options add value for King, but that's mitigated a little bit since the deal is backloaded.
If you just game it out it seems pretty fair for both sides.
Year 1: 22 mil
Year 2: 28 mil
Year 3: 30 mil
King opts out after Year 1: That means he's leaving 2 years and 58 million on the table. Which probably means the Padres just got a pretty good year out of Michael King for the same amount of money as the QO.
King opts out after Year 2: That means he's leaving 30 mil for one year on the table. He probably had a good second year on what amounted to a 2 year/45 mil deal. Padres would probably take that too.
King never opts out: you wonder how effective he was during the contract, but if they didn't give him the opt out, it probably would have taken a 4th year or more AAV per year which would have been even worse.