This needs handling with great care. This is an opportunity for a club that is generally perceived by fans of other teams to act with class. I ignore fans of teams like Burnley and Ipswich who continue to bang on about how we dodged a points deduction many years ago. (yawn).
The starting point has to be a) JV, although richly rewarded,has been a magnificent servant to the club over a period in which we have enjoyed success beyond our wildest dreams (my first game was in 1964) b) he is not going to be a regular starter next year, whatever Division we are in.
It appears that the departure of Casper was not handled well, something that was discussed here at the time. Hence the need for care. The decision should be taken by Top and Susan, Rudkin should be nowhere near it.
If it was down to me, I would give him a one year contract as the highest paid player. That recognises his past contribution. Beyond that it is a lot trickier, but I would not give him a playing contract as that would tie the hands of the Club / whoever is the Manager at the time.
The elephant in the room is, of course, the elephant he is married to.