Only if you assume his earnings potential in free agency year 3 is nil. Else, you have to assume some value that reduces the difference you cite.
I'm sure Aubry Huff thought he would have no problem getting a decent deal 2 years after signing his 2/$22 million deal coming off a 6.2 WAR year in San Francisco. After all, he was only 33, plenty of time to make more cash, right?
I think $0 is always a good assumption of how much more money you'll make after a deal ends in your mid-30s.