If he viewed it that way, and that was all it was about, he'd have signed. So he either thinks 8-11 is too low of a big pay day (I doubt) or he's going for the guaranteed.
I'm set with gtd at 7M per, I would imagine that is what he would get with the fluffy 8-11 deal on the table. That would mean it is backloaded. Again, if he's looking for more gtd (above 7M per) then imo he is looking for a big pay day. I think we have all the leverage here and are simply waiting for the market to dry up so he can tuck his tail between his legs and take a starting gig with us.