I had one of those "OH-NO!" moments in the wee hours of the morning when I attempted to do arb signings/extensions while not quite awake. I offered third-year arb to two players I wanted to sign to long-term deals. One was a 27 yr-old #1 pitcher. I spent about an hour bemoaning my fate, unable to go back to sleep.
Within the same cycle, I got back on the PC, started looking at my team's next season FAs, and these two still show up as willing to sign long-term deals, even after the third arb season. I ended up signing them both, thus ending up with effectively a six-year contract.