After this season the O's will owe Davis $17 million for three more years plus $42 million in deferred payments through 2037, for a total of $93 million.
In exchange for him retiring, I would offer him $5.5 million per year for 18 years (through 2037). That would give him a total of $99 million dollars, $6 million more than he'll receive under the current arrangement.
Chris gets paid. The annual amount doesn't cripple the team's budget. Since he'd make more money, the union should accept it.