Title edited to correct error. See posts following this for an explanation. Disregard my comments here.
This is the same that they gave DeRozan; i.e., two years guaranteed and years three and four "team option". However, DeRozan wound up with a five year deal; fifth year "qualifying offer" whereas according to MacKenzie it appears that Davis got only four years. I think that this needs to be checked to see if indeed he didn't get a "qualifying offer" in the fifth year.
http://twitter.com/stackmackRaptors sign first round pick Ed Davis. He is under contract through the 2011-2012 season with 2 team option years to follow. #Raptors 13 minutes ago via Twitter for BlackBerry®