In any event, Pujols is in the driver's seat. My offer would be something like the following. $30 million a year for five years (paying for Pujols' prime at a level that would make him the highest paid player in baseball history). $20 million a year for 3 years after that (paying a slightly discounted amount for Pujols' decline phase, which should still be pretty good since he's so good to begin with). $10 million a year for 2 years for Pujols' swan song years. Then $3 million a year for 40 years after that to serve as the Cardinals' elder statesman and "special consultant." Total value is $350 million, which again would make it the biggest contract in baseball history, but you wouldn't be overpaying him and skewing your payroll in his declining years.
Here is an article from the Post-Dispatch about a nice evening Pujols had with a local family who won a dinner cooked by Dee-Dee Pujols at Albert's charity golf outing. This kind of thing may be marginally manufactured by a good PR guy for Albert, and it appears suspiciously at a fairly crucial moment in the negotiations (Albert has said that he won't negotiate once spring training starts), but it still highlights how attached the community is to Pujols, and how horrible it would be if he left.