Who knows what the arbitrator would have awarded, they settled before it got there. Which is why it’s better to have Arib rights than not
Fear of a high arbitration award is part of it, but the real leverage comes from the fact that if the case goes to arbitration, the result is a short-term contract that takes the player into unrestricted free agency. If the team wants to lock him up longer than the minimum number of years, they have to sign him before the arbitration hearing.