The Bengals are absolutely delusional if they think they are gonna get anything close to that asking price. Just look back to the Brian Burns trade where we only got a 2nd, a 5th and a additional 5th round conditional pick in the following draft. Burns was in his prime at age 26 wanting 30 million a year and while Hendrickson might be a reasonably better player he's going to be 31 this season and is also seeking a contract around 30 million a year also.
You can argue whether you would've made the Burns deal or not but the point is that a precedent was set for what an elite pass rusher going into their franchise tag year was worth.
I'd offer them a 3rd and they can pick 2 between DJ wonnum, Adam Thelien or a 5th round pick.
As for the contract something like 3 years at 30 million seems like a good fit and I trust Brant Tillis to make the numbers work with the cap.