I still think the best move is to trade Spencer for a 2nd or 3rd rounder to a 3-4 team desperate for a pass rushing OLB.
If that fails the next best option is to do a 1-year deal on the franchise tag and then let him walk.
If that isn't chosen the next best option is to sign him to a deal for Kruger type money (even though Spencer is older and doesn't have a history of being a big-time playoff performer and is a lot older).
The worst choice would be to give Spencer a $10+ Million per year contract over 5 years. That would be an albatross of a contract for a player who is likely about to decline and is coming off of a career year. He is also far from an ideal LDE in a 4-3 formation - his proper position in this defense is manned by DeMarcus Ware who currently is signed to a gargantuan contract that may come back to bite us in the if his health doesn't hold up.
We keep paying old players lots of money and that is a fool's game in football. You have to move your older players for draft picks if you want to have sustained success in a hard salary cap league.
We have too many big contracts to non-elite players: Free, Rat, Austin and Carr. The only guys who really deserve big contracts are Romo, Witten and Ware. We have to keep cap space in the future to try and extend guys like Carter, Lee, Mo, Dez and Tyron. Those guys are our future. The guys listed before them are our past.