The gap between Bynum and Dwight is closing - He is matching him in Blocks, and is just a few points/rebounds short of what Dwight is doing this year, although much of that has to do with Dwight getting 4 more MPG, as well as having more scoring/rebounding opportunities (i.e. having Ryan Anderson instead of P. Gasol, and not having Kobe taking all the shots away from him).
If I'm the Lakers, I call the Magic's bluff and keep my offer - Other than maybe adding a small piece and/or pick, I know they're not getting better than that...And frankly, as a Lakers fan, I'm perfectly fine with rolling with Bynum the rest of the way. Just need to add a Ramon Sessions type PG, and maybe another athletic wing.