He's a good player to have on the roster at a bargain price. We don't know what the MLE will be next year, if there will even be one. But the MLE this year was about $5.75M. I like Hill, but not for anything approaching the current MLE money.
That full MLE figure is about what Kyle Lowrey gets paid for the next several seasons. Mike Miller, slightly less. OJ Mayo's extension starts about there. Phoenix extended Jared Dudley for 4.2M per year. Unless Hill becomes more consistent, I don't think anyone is offering him nearly $6M per year. He's not a great PG, and he's not a great shooting guard.
Somewhere around $3.5M, plus raises - sign him. Much more than that, and he's overpaid. That hasn't worked out too well for the Spurs over the years.
One more example... Kelenna Azabuike (before the injury) got about $3M per year. Nobody lined up to give him the (current at that time) MLE. Hill isn't more of a hot commodity that 'Buike was that season. There will be teams that want him. But there won't be teams competing to give him the full MLE. Especially not next season, with the new CBA.