Minimum contract.
Until he shows he can do something else other than shoot open shots at a high level, he is not worth more than the minimum.
He has to improve something. Floor leaderership, passing, playmaking. Shot creation, driving ability. More prolific scoring. Defense. Something.
The player he is today and has been for his first 2 years is not worth more than the minimum. He has to prove himself before being given a contract worth more than that because frankly he has shown very little improvement to date.
Perhaps that's what he should be worth, but since the sides are having negotiations, the team has offered more than that. I'm actually surprised that there are talks right now, because I don't think it's likely that Pritchard lands a lucrative offer in free agency.
But, as mentioned, Carter was a minimum player who ended up getting paid. McConnell is still sought in trades despite his salary. Cameron Payne went from 10-day deals to $6.25 million with the Suns. I'm sure there are a lot of other examples. It seems like a thin line between the minimum and a decent sub-MLE contract.
If I'm Pritchard, if $5 million per season is on the table (the amount of the Taxpayer MLE) I'd take the money.