A couple of thoughts on Sanchez now that I'm actually in front of my computer and can type all this out.
1. Just honestly, five year big money contracts to pitchers scare the crap out of me, so if the Tigers decide to match or exceed the offer to Sanchez, it won't hurt my feelings all that much. Sanchez probably is a solid value, especially in a world where Zack Greinke is making $25 million per year, and he makes more sense for the Cubs than any other big ticket free agent out there. Still, pitchers get hurt easily (and Sanchez does have an injury history), and they can lose effectiveness just about any time. Five years is a long time for either of those things not to happen to a starting pitcher.
Pretty much, I'd like to see him accept our offer, but if he doesn't, that's one less risky contract to not have to worry about.
2. If we do get Sanchez, that really changes the outlook for next season obviously. If we sign Mike Adams and figure out a way to acquire an above average defensive CF, you'd have a team with very strong pitching and defense, and that might be good enough to put a contender on the field. It'd at least be good enough to give us a shot to finish above .500, and that would certainly be a nice thing to see after last season's debacle.