If no one is willing to pay 11.25 mil per year to Veldheer, which is highly likely, then he ain't getting 11.25 mil per year. The market will determine what he is worth. You're assuming that he is a top 5 LT in the league, and you're not taking into account his perceived injury history.
Like the writer said in his analysis, smart teams will only tag a player if they are actually top 5 at their position. We aren't in a position to throw top 5 money at players who aren't top 5, and the writer suggests that the Raiders GM will not sacrifice the long term for short term gain either, notwithstanding that they have plenty of cap space because it's not good business.
Perceived injury history? He had never missed a game before last season when he tore his triceps. That's false information. Here's a blurb on him from Evan silva:
6. Left tackle Jared Veldheer -- Had never missed an NFL game before tearing triceps last August. Started final five contests, allowing two sacks. Allowed five sacks across 16 starts the year before. Outstanding pass protector throughout career and not a liability in run game. Highly athletic at 6-foot-8, 312. Expressed displeasure with Raiders' pace of contract talks in early February.