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The report I've seen said that Felix wanted 6 years, the M's wanted 4, so they settled for 5.
If that's true, the 6 years surprises me a bit.  I'd think Felix would be strategizing to get his max deal possible when he's a free agent next, and probably age 29-30 is where teams might start to question his age.  So a 4 or 5 year deal might be the best thing for him, hitting FA at age 27-28.
But you know, the more I think about it, the more I think it was in Felix' interest to go as long as he can on this current deal.  There's the risk of going Kerry Wood, as Sandy mentioned at MC, and the risk of getting hurt.  And who knows how salaries and contracts will be structured in 5 years, maybe there will even be some sort of salary cap in baseball.  Maybe Felix will get tired of pitching and want to become a professional bowler.
All in all, getting the highest guaranteed dollar number he can get now, regardless of years, seems to be the smartest thing for him to do.  And that seems to be what he did.