I think it's common knowledge that these 2nd contract QB deals typically get done late in the offseason as several posters have noted in this thread so the expectation should be a late summer/pre-camp deal timing.
That said both sides have leverage and there are pro's and con's for each side to either ink a deal now or play out the 5th year under contract. For Tua, even a "team friendly" deal, however one quantifies that, will be life changing money and security. Or he could roll the dice on health/performance and if he puts up a strong year in '24 he would be set to make even more next off-season. If I'm putting myself in his shoes I'm trying to get the best deal I can now but I'm highly motivated to get a deal done for that security no matter what happens going forward.
For the team, you need that "team friendly" deal IMO. Doing a deal now will free up some cap space for '24 but as he is under contract for only $23MM this year, it really isn't all that much in the scheme of things. However those savings and having him wrapped up under a workable contract for the next several years is valuable. You are though then at risk to a serious injury or the reappearance of concussion issues. If we can't get a "team friendly" deal, however the FO interprets that, then letting him play under his current contract provides insurance against injury, poor performance or both in '24. Then even if you did resign him next offseason it's likely an even more "team friendly" deal with year 1 and 2 (the lowest cap hits) coming in '25 and '26 instead of doing it now and those low hits coming in '24 and '25 with a big jump in '26. The risk of course is he balls out and signing him next year is that much more expensive but to me that's actually a good problem to have.
I'd rather deal with the downside of Tua playing great and being worth more next offseason then signing him to big money now and a serious injury or poor play relegating the MD to the abyss for several years as they try to get out of the contract.
So both sides have leverage and options, I think all signs are pointing to a deal getting done prior to camp but at that proverbial "team friendly" level. It makes sense for both sides. I don't think the MD should be beholden to Burrow, Lamar, Hurt's contracts as those guys have won playoff games, gone to SB's and won MVP's. They also weren't contemplating retirement a year ago. It all comes down to how one defines "team friendly" but think the MD should insist on something that qualifies as such but also provides Tua big bucks and years of security. I would be disappointed in the team if they just rolled out the next highest contract type of deal, have to utilize the leverage at hand to put the club in the best position possible going forward.