It's not a bad idea if he'd take $8-10M a year.
What about this approach...
Qualify him. If he declines and signs elsewhere, you net the pick and move on with life. If he accepts, you pay him more than he's worth (although you've assumed his value is $8-10M...the higher it is, the less the overpay is) - but it's only on a 1 year deal and you wanted him back anyway. Worth the risk?
I know we all doubt he'd decline a QO, but when you look at his #'s over the past calendar year, the weak FA market and at all the stupid GM's in baseball - it might be worth the risk.