At 33 years of age, nothing is guaranteed for an NBA player looking for another contract. Even if the five year deal is only a little bit more than a 3 year deal, that little bit more might be more than he that player could get three years from down at 33.
Take a look at some names that are currently in the 32-33 year age range and tell me their prospects of another multiple year NBA contract of any value more than a minimum contract are:
Antoine Walker, 32
Keith Van Horn, 33
Shareef Abdur Rahim, 32
Ron Mercer, 33
Tim Thomas, 32
Saying he can take the three year deal and sign another contract for 2-3 years is assuming a lot even if he does play well the next couple seasons. And, as you stated in your post, there was never a 4 year deal for $36 million. So, it appears more and more than the Lakers best offer was 3 years for $27 million. Not a bad deal. But Odom wants more years. I don't really blame either side as each wants what they want.
Odom might not get the money he wants. He might not get the number of years he wants. But, hey, that's all a part of negotiations. He's going to press for two more years and the Lakers will press to keep it at 3 at the most.It's not just about the money. Of course that's part of it. But, it's pretty clear Odom wants more than just the money. He wants appreciation and respect for being a key guy on the championship team in the form of 5 years on his contract. He wants the security of knowing he has five more years in the NBA, not just 3. He wants what he feels is a fair deal. Whether what he thinks is fair is actually realistically fair, that's another discussion. He wants to be paid the value of his performance in comparison to what other players on the Lakers are being paid, namely Bynum, Walton, Vujacic. It's not just the demand for $10 million per year. There are other factors besides just getting $10 million per.

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