Yep. Think about how the rules are structured:
1. The player's current can offer a bigger/longer contract than anyone else. That's the reward for staying with the same team.
2. If the team decides to trade a player, the player gets Bird rights as compensation - so they can still get a bigger/longer contract from the new team.
3. If the player really wants to go elsewhere, they can always play out their contract, and take a "normal" contract from some other team.
The idea is that good players get PAID for staying with the same team. CP3 wants to get the extra pay AND the ability to choose his destination. The Bird rights aren't there just to make sure he gets a bigger payday. If Stern lets this go, the option year becomes the leverage year. And small markets will be totally screwed. I hope he holds the line against whatever backlash comes from it.