It's a singularly difficult season for FA contract predictions, because none of us know if last offseason was a blip or the new normal, but I don't think this is right.
Tommy John surgery is routine. Eovaldi's had two Tommy John surgeries. There are relatively few pitchers who have succeeded after two, let alone at a high level, and maintained that for a long period. It's true, and amazing, that Johnny Venters is back and pitching decently after his third TJS! A lot of guys come back. But usually, it's relievers, and usually a good outcome is something like Brian Wilson on the Dodgers; a bad one is Brandon Beachy on the Dodgers. There are exceptions, but the prognosis isn't amazing.
I can't see a team committing to him for three years, or even really two. My prediction: something like 1/$15, with a club option for 1/$18 that vests with some sort of moderate IP or G threshold, assuming he does not end the season on the DL.