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The stars seem to be aligning for the Mariners to make a kingly addition at relatively pauperesque pricing.
Boras's posturing (seeking a 10 year commitment, comparing Prince favorably to Pujols, etc) makes it all the more likely that appearances will be more important than the actual dollar value.
Which is why I wouldn't be surprised to see a Mariners offer come in at 10 years - $200,000,000.00.  Our local blogo-sphere will be up in arms about Prince's age 34-37 years costing twenty-million per well past the point it becomes known that the Mariners deferred an entire quarter of the deal.  Say $5 million per year for the ten years after the contract?  Meaning the actual salary cap hit would be $15 million per and would drop the present value of the expenditures down to $146 million.  So in comparison to a standard 6/150 ($25 million per) they'd be buying the last 4 years for $13 million in present day value.  His age 34-37 years would have to amass a measly 2 WAR to make that a good deal?
Get it done.
Go long, go for big dollars, but defer enough of the outlay so that it doesn't impact our ability to add talent and resign home grown players, and so that it reflects age related decline in relation to $/win inflation. 
Prince can be a $200 million dollar man, and the M's can pay him less than they do Ichiro.
- Ben.