hold on to your hat......the best option is for the Bills to go on the offensive in what is going to be a PR battle.
the Bills should announce they offered 5 years, $50 million, with $30 mil Guaranteed, structured with zero dead money in year 4.
let Byrd turn it down, which he will. he covets UFA. then most fans will be upset with Byrd and side with the Bills. franchise tag him, then trade him.
if he accepts, you have an Elite player for 3 years after which you can cut him if need be. it's not the end of the world to overpay by $1.5 mil on an elite player assuming the bills think $8.5 is fair and $10.0 gets it done.
either way, the bills have $10 mil to spend on improving the team. the bigger issue is, will they spend up to the cap limit.