Yeah the Jays don't lose anything by giving the qualifying offer.
If he accepts, he comes back for a year (good).
If he declines and signs elsewhere, the Jays get compensation.
Actually, him retiring would be the worst case, as the Jays don't benefit by losing him, so I guess that's one negative, but not the end of the world.
I really hope he comes back. You don't appreciate him until you see him pitch every fifth day. He's been the only bright spot from that Miami trade and earned every penny of his hefty contract.