Just highlighting the bit I think is important, I can't see the price being right. Having been here a while his wage is probably pretty inflated given he has no resale value, and no likelihood of improving into a starting player. Martin has proven an asset because he can cover RB and CB, another defensive signing to cover LB/CB would make much more sense than signing Whittaker on again.
I'd agree that Whitts has done a good job as back-up at LB this season, particularly after Dijks was suspended, but having said that, it's time to move on. If Dijks stays, he needs competition from another younger player and I'm not convinced that Toffolo satisfies that need. As a third option yes, but not as back-up IMO.
I think he actually said that the club has an option for another year but isn't going to take it up. Still amounts to the same thing though.