There are two aspects to this situation that imo are not getting enough attention.
Shemar already has money from his college NIL deal. He is not financially at a disadvantage here. Because of the ever changing landscape of college football, the NFL (and therefore the Bengals) are no longer drafting money hungry players eager to make their first million. These players are already millionaires, especially those taken in the early rounds, before they ever sign an NFL contract.
Therefore, it is not going to hurt Shemar financially to hold out.
Secondly, if Stewart signs a contract with this new language and recieves no compensation, he's condemning all future players to the same conditions. Once a prominent player signs a contract like the Bengals are offering him, every other team will demand the same of their draftees.
Player: "If you want me to sign this contract giving you the right to void part of my salary, I want some sort of compensation. "
Team: "Shemar Stewart signed one without compensation last year, you can too. Sign here..."
See what I mean?
So Stewart is undoubtedly getting pressure from other players and their agents to hold firm. If he gives in, he's basically setting the precedent for all future contracts with this sort of language in them.
This isn't going to get settled any time soon I fear...