If I were in Mitch's shoes - with me being me and not Mitch - I would want to find the sweet spot between income, legacy, personal accolades, and success. Almost everyone in Toronto hates him right now, but I think that quickly goes away if he signs for $10.5M X 8 with full NMC/NTC. Then he can try to recoup as much of that as possible through sponsorship, endorsements, etc. Or, just accept 20% below max value but try to win a cup for your childhood team. It's still > $10M USD at the end of the day...
Plan B would be to go to LA or Utah where it's a young team on the upswing. Going to Chicago, Philly, Detroit, etc. would be a mistake imo. It'll be as vicious as Toronto with less cover.