IF IF Russell is tendered, my take would be that brass has concluded that there are buyers for Russell in the trade market at a $5 arb salary.
Your premise is that the Cubs don't want him themselves, at least at $5M. I think that assumption is probably correct.
If so, then your logic is correct. **IF** they don't want him themselves at $5M, but they still tender him and obligate themselves to a $5M commitment, that would only be logical **IF** they think teams want him enough to trade value for his $5M contract.
I think that hypothetical is unlikely. I'm not saying trading him with $5M contract is impossible; after all, liability contracts are routinely involved in bad-contract-for-bad-contract liability exchanges. But I just don't think Russell at $5M with his bat and his baggage would be valued enough to be worth any significant trade value. **IF** you don't want him yourself, why would you want to obligate yourself to $5M contract when you might NOT be able to trade him; and even if you can, the talent return will be very minimal at best?
So seems to me that *IF* the Cubs don't want him at $5M themselves, they'd be unwise to tender him.
I see three options:
1. Tender him tomorrow
2. Non-tender him tomorrow.
3. Come to a contract agreement at a less-than-tender price. $2? $3?
2B is one of the Cubs three most pressing starter needs (CF and rotation starter being the others). Theo loves Hoerner. **IF** they were to bring Russell back, at a reduced salary, that might provide more coverage. Maybe Hoerner has a good spring, and they just decide to commit to him. Or maybe not, and they'd like him to spend some time in the minors; while still hoping that he's going to be the long-term answer, and might be so by June or July. *IF* they hope he's the guy, but want to buy some stop-gap 2B roster-fill until he's ready, the existing alternatives are Descalzo, Bote, and Happ. **IF** they were to bring Russell back, even if he wasn't good, he might still be well ahead of Descalzo on the anti-awful continuum. And perhaps defense-considered (which of course it must be), he might be viewed as an overall decent competitor for Bote and Happ, both of which are variably below-average defensively. So *IF* Russell agreed to a $2.5 contract, for example, on the pure baseball level that might make sense for the Cubs to sign him ??