They extended a second-round tender for now for 2.187 mill, but both sides are still working on a long-term contract. The tender was necessary in case the long-term deal is not reached before 4:00 ET today (Tuesday). Now, they would get a second round pick if the talks break down and he signs with another team.
I think Bell is underrated, he is a nice insurance policy for Reggie Bush because he is a poor man's Bush himself with his pass-catching ability out of the backfield.