Correct me if I'm wrong, and it's been said a couple times in this thread, but we have Grayson for 5 more years AFTER this one. He didn't get a full year of service time last year and won't be a FA until after 2029.
IF he turns into Justin Verlander, it would be really beneficial to sign him an extension asap.
However, almost any other outcome, an extension does little for the Orioles. That we have to resort to the supposed psychological advantages it would supposedly grant, I think is pretty good evidence of that.