For an extra $1 million, the Bears could have ensured Cameron Meredith wouldn’t be shopping around the NFL for the best contract he could find.

That’s not saying the Bears were thinking with their pocketbook first because I don’t believe that to be the case. That’s not saying the Bears’ goal was to have Meredith sign an offer sheet elsewhere so they could swoop in, match the deal and become the beneficiary of negotiations completed by another club. I don’t believe that to be the case either.

The Bears tendered Meredith, an undrafted free agent from Illinois State in 2015, at the low level of about $1.9 million. Because Meredith wasn’t drafted, the Bears will not receive compensation from the Saints if they decline to match the offer sheet the wide receiver signed with them Friday. The two-year deal is worth $9.6 million, includes incentives that could take it to a maximum value of $12.6 million and has $5.4 million in guarantees. The Ravens also offered a deal to Meredith, giving him some leverage in the process. The Bears have until Wednesday to match the contract or bid Meredith goodbye.

The alternative for the Bears was using the second-round tender at a price tag of $2.914 million. That effectively would have taken Meredith off the market because no team would sign him to an offer sheet knowing it would have to surrender a second-round pick to the Bears if it declined to match it.

The Bears went low with Meredith, 25, and now they’re going to have to make a decision, one that appears more complex than quickly agreeing to match the offer sheet Kyle Fuller, who was on the transition tag, signed with the Packers.

Two factors are in play here. The first — the medical evaluation of Meredith — looms largest. We know how confident the Saints are that Meredith will bounce back from the torn ACL and partly torn MCL in his left knee, an ugly injury that occurred during the third exhibition game last August at Tennessee. They placed value on their medical findings and clearly envision him making plays for quarterback Drew Brees at a position where they have real need. How confident are the Bears in Meredith’s rehabilitation? The Ravens are typically conservative when it comes to medical evaluations, and they failed offensive lineman Roberto Garza on a physical before he joined the Bears in 2005. Thus, it’s notable they passed Meredith.

The second factor is: What type of role does coach Matt Nagy envision for Meredith in the offense after the team splurged for wide receivers Allen Robinson and Taylor Gabriel and pass-catching tight end Trey Burton in free agency?

The medical far outweighs everything else, but don’t overlook roles and the new price tag Meredith carries. Maybe the Bears would like a draft pick in their mix on the depth chart as well.

It’s worth wondering if the Bears distinguished between the second-round tender at $2.9 million and the no-compensation tender at $1.9 million because of the knee. If they wouldn’t go to $2.9 million with their tender offer, why would they match a deal with $5.4 million in guarantees over two years?

It’s one thing to match the offer sheet your No. 1 cornerback Fuller signed. It’s another thing when the decision involves either your second or third wide receiver who posted 66 catches for 888 yards and four touchdowns two years ago. Remember, the Bears signed Gabriel to a four-year, $26 million contract with $14 million guaranteed. They quickly have become one of the biggest spenders at the position in the league. Without Meredith, the Bears rank fourth in 2018 cap dollars committed to wide receivers, according to spotrac.com. They rank third in annual average salary for wide receivers. Those figures would bump up if they match the offer sheet.

Consider the Bears are fourth in cap dollars committed to tight ends, according to spotrac.com, and second in annual average salary for that position and you can see the team has put major resources into skill-position players for quarterback Mitch Trubisky.

Does general manager Ryan Pace have the cap space and cash to bring back Meredith? No question about it. Meredith is a great fit in the locker room and a great story as a quarterback at St. Joseph High School before changing positions in college. The offer sheet is a big win for him and his agents, especially after injury wiped out his contract year.

The Saints know Meredith well because their wide receivers coach, Curtis Johnson, had that role for the Bears in 2016 when Meredith had his breakout season. No team, the Saints included, has a better handle on Meredith’s medical situation than the Bears.

Ultimately, they’re going to tell us if they have $5.4 million worth of faith in his left knee.

bmbiggs@chicagotribune.com

Twitter @BradBiggs

Bears free agency tracker »

Bears Q&A: What's up with Jordan Howard? Scenarios to trade down? »

After three surgeries, Kyle Long promises to be 'flying around' when season starts »