The Bengals' top offer to date on a Trey Hendrickson extension has not been valued at or around $35MM per season. More at PFR.

At every turn, Hendrickson has expressed dissatisfaction not just with his contract, but communication from the Bengals as a whole, implying broken promises and a lack of contact. That's why the panic meter on a Hendrickson holdout has earned a 10 out of 10 from Bleacher Report's Moe Moton:

The Bengals and defensive end Trey Hendrickson continue their impasse. The organization’s leverage comes from the fact that it doesn’t care if Hendrickson shows up. The player’s case is boosted by public support from key players like quarterback Joe Burrow and receiver Ja’Marr Chase.