I am not really a fan of this idea because i think that if there would be a possibility of him playing well again. Many teams would be interested. Teams may have a more bigger picture than us on his injuries.
That said. If you ask me, i would give hima 3 year deal for what is left of the MLE, making it´s second year partially guaranteed 50% and 3rd year fully unguaranteed (or team option).
They actually only have about half minimum left out of the MLE. The trick is to sign him later in the year, and it can then be pro-rated to 0.5 minimum salary for 0.5 of a season, and two more years tacked on.

No one will be signing him for training camp. He's not ready, not even close. He just had micro fracture surgery last winter. He probably won't be ready for any b-ball activity until Feb/Mar.

The key is to just sign him sometime before next summer. If you can do that, you gain the advantage. He'd likely prefer 2.5 seasons of minimum mid season to waiting until summer for 2.0 seasons of minimum.