It's less likely, but Machado is a good comp on why either should consider turning it down if they are risk takers.
Sign the massive deal at 26 with the opt-out to give you the ability to get an even bigger yearly salary and more years at their absolute peak (~age 30). And if they haven't performed, they still have a massive payday to take them into their mid-30s.
The Machado approach will earn the player tens of millions, if not more than any extension followed by FA by 30.