I think Rhys is going to do better than that. Players come back from ACL surgery all the time. And Rhys may not be a Harper-like medical marvel or great fielder but he's still an elite and well-conditioned athlete. It's also less risky than just signing an injury-prone player.
I'm not sure incentives do anything for anybody since the issue is not whether he's able to play, but how he performs (which can't be incentivized). It would just be awkward and ugly if he was signed to play 1B or DH and then had to be benched. But also very unlikely (certainly not something I could imagine our manager doing).
I think there is a general consensus here that if the Phillies can steal Rhys - whether on a much cheaper and not overly long deal than he previously might have earned or for one year - they should maybe do it, and if not, not. The market will decide. But I would still be pretty okay with him taking the QO, or not taking the QO. Or coming back to the Phillies ready to give the discount if the QO - which will cost most signing teams more than the Phillies receive - depresses his market.