I don't like Wellman at all, but do I believe for one second that there was a formal offer extended to pay him one million when that's the bottom end of a power six conference in the country? I really don't. There may have been initial talks with no final offer and the intimation from Wake was that the price would be one million (perhaps as a first offer with considerable room to move up) but I honestly don't believe even Wellman would be so incompetent as to extend a one million dollar offer as the first offer, particularly if there was already an idea of where both parties stood (which I think is the case with almost every single negotiation between teams and coaches in the 21st century).
ETA: At this point, with so few people actually in the know as far as what happened between Wake and Lembo in closed talks, it's very easy for both sides to manipulate the story to suit themselves.