Wrong. We know - it is 0, this directly contradicts your claim.
> this is all just play money anyway.
Again, wrong - because it is sellable so employees can take home millions. Play money in the startup world means illiquid options that can't be tender offered.
You're making it sound like this is a terrible deal for employees but I personally know people who are able to sell $1m+ in OAI PPUs to institutional investors as part of the tender offer.