My undergraduate degree is actually in English, and I believe that old fan's comma placement is correct. I think a ruling from Jon Merrill is in order. He's who I turn to when my brain can't keep up with my writing.
My college years were a few moons ago, so I'm not going to try to recall the rules, but I believe the sentence can stand with or without the extra commas.
Contractions of two words, however, always require apostrophes. "Dont" is not a word.
There seems to be a lot of animosity or some need to put people down around here lately. What's going on folks?