Everything is possible. Frost would be playing a hell of a game of chicken assuming an offer moves him from $1.7 mil a year to $5 mil a year in hopes for more? From a different school?
Not many would turn down an extra $3.3 mil a year or $16.5 EXTRA over a 5 year deal. If he does, there must be a really strong reason he doesn't WANT to be here then you go elsewhere.