I'd go 5yrs and a little less than $75M (high 60's up to $70M but we're splitting hairs) but I don't really see the incentive for Colby to sign that deal. Even if he puts up ~3.5 WAR next year he'll get that and he is giving the impression he is going for the big payday.
At the end of the day I think it boils down to this question; "If they aren't going to sign Colby to an extension this off-season would you move him?"
IMO it's an easy yes but, if the Jays are really going for it they may be happy with letting him walk and taking the comp pick.