Guessing Grubauer's $3.33m was the baseline here and he got an extra $66.7k to reflect a % rise of the cap.
His QO was 1 x $2.65m, so the logic was probably 2 years at $3m, or 3 years at ~$3.35m, a ~$350k increase per UFA year bought.
This was definitely ~$400k more than what I was hoping for. Together with the $250k raise for Cogliano that's $650k that might have been saved with some harder negotiation.
Overall can't be too upset here though. The Avs have their starting goalie locked in for 3 years at a relatively cheap caphit. If he has success it'll look like a good value deal.