Yeah I don't think either player will sign an extension prior to the season. These guys are in their mid-30's or close to it in Edwin's case. This will be their last chance at a monster contract. Unless the Jays give Bautista and/or Edwin a fair market value contract (whatever they interpret that as), I think they'll test the market. Of course, that doesn't mean they won't re-sign, as we saw with Alex Gordon, maybe the grass isn't greener on the other side even after testing the market.
I've said before, I don't mind bringing neither of them back, as you'd be paying them for their declining years after five plus years of getting enormous surplus value. However, I'd be fine with bringing Bautista back. It's hard to say, but I think he'll be the one that ages more gracefully than EE, and for sentimental purposes he's far more valuable to the organization than EE is. Bringing both back is a pipe dream, and bringing neither back is my guess as to what actually happens. A lot will depend on how the 2016 season plays out and what the payroll is going forward.