I'm just going to go ahead and let you know that you're 100% wrong on this and hope you accept that. The arbitrator can come back and say "here's the figure" and the team has the right to say "okay, bye then" and the player becomes a free agent at that point.
Edit: just to clarify, I am not 100% sure if a player can be non-tendered AFTER arbitration, I believe that's the case, but after some cursory googling, I wasn't able to confirm or deny that. Regardless, Sanchez could be non-tendered before arbitration if they assumed that he'd get more than they were willing to pay, and he would become a free agent.