Agreed, low risk and incentive laden is what the contrat should be. He still can be effective and with this new mindset, he might be the top 6 winger or center we need.
I would sign him for 1.5. I think he could look real good with Kovalev. He had a tough injury plagued year and did not play during the lockout, I think he still has something and will bounce back strong.
Don't give him too many bonuses as they cut into the cap.
His cap figure would be his salary plus all his potential bonuses (if he doesn't reach the bonus he doesn't get the money, but the money is still counted against the cap.)