Ideally you don't want to sign Semien or Ray for more than four years. That's how many years Vlad and Bo have left on their current years of control, so you don't want to be left paying big money to a declined Springer, plus Semien and Ray past 2025. I don't think either one will get more than 4 years, but Ray is only going to be 30, so a deal that covers 30-34 (a five year deal) for a LH SP coming off the year he's had isn't impossible. I think Semien at 4 years is probably the max he'll get, but at a higher AAV.
Honestly, as discussed earlier about selling versus non-selling at the deadline, once the Jays decided to keep both players to make a run, I feel like they might as well try to keep them. Comp picks in the 70's or wherever the hell those picks will fall are not very desirable for a team with a 4 year window, so if they didn't turn those two into assets at the deadline, then offer them both big 4 year deals (along with a big one year offer to Noah, dammit!), hope they take it, and go for it next year. Of course, if MLB implements the soft cap stuff they were talking about then having Springer, Semien, and Ray on FA deals, plus big arb numbers for Vlad and Bo (and possibly an extension for Berrios) would put them at a pretty high number.
If you had to choose one to re-sign, I'd probably go with Semien as well (top 10 WAR talent versus SP), but hard to say without knowing how much it will cost.