I think that it is possible that they want to wait to sign Pinto until after the draft and July 1st.
They have very little cap flexibility. There are a lot of moving parts. After July 1st, they will have a clearer picture of how everything fits together.
As in, because they cannot commit until they see how much cap space they have, they are going to play hardball in the meantime to see if they can get him to come off his number. It doesn't hurt them because the 5M offer will still be there a week or two from now (assuming no offer sheet), but maybe they get an extra concession by pushing.
It is also possible that maybe they are listening on Pinto in a trade, and this is their way of broadcasting what he would take on a long-term deal. I think this is very unlikely, but it's always possible.