IMO, the team does have some leverage over Watson, despite media reports to the contrary.
Just 4 months ago, Watson signed a 4-year, $160M extension, including a $27M signing bonus, ~$111M guaranteed, and an average annual salary of nearly $40M per year. Here is what he said at the time --
"I'm lost for words, honestly. Been crying a little bit, a lot of bit, really. It's just an amazing moment for me. The money is amazing. It's life-changing. It's great. But the biggest thing is for the (organization) to just trust in me and believe in me that I'm their guy, I'm their quarterback is the biggest thing that really touches me."
Despite all that money, just a few months later, he is now unhappy. But this contract he loved so much when they handed him a check for $27M+ has some terms than can now come back on him. For example --
If he misses minicamp, it will cost him $95,877
If he skips training camp, he can be fined $50,000 per day for each day of camp skipped
For each preseason game he skips, he can be charged $620,000 (one week salary)
If he retires, he will owe the team $21.6M
The total current dead cap value to the team will be $67,140,000 so some adjustments would have to be made.
The options are (as I see it) --
1. Trade him now. Which (I think) would cause a $21.6M dead cap hit for 2021. And find a new QB of course.
2. Do nothing. Start fining him as he sits stewing on his yacht. If he persists in sitting out, then go get that bonus money back
There will be bad press for this. But there is already that, so a bit more will not make much difference. I see no reason to panic into a quick, bad deal (something the team has done in the past - see Brown/Clowney). If they can handle the heat and remain patient, good offers will come.