It's borderline sub-inflationary, is not actually a 'new' 'last minute' offer at all - it is a recycled previously rejected offer that the RDC chair went to the exec to put out today immediately after the RDC voted to censure him for wasting strike mandate and collaborating with the government. There was no new contact and last-mintue offer.
This 'offer' (which contains no actual real-terms pay rise, as the DoH and Health Secretary are banging on about) already existed, and is bad. It is being put forward as an act of spite because his position was imperilled and, frankly, he is sympathetic tot he government.
There is a lot of politicking going on int he BMA, but essentially this is about the RDC chair selling out residents in order to try and preserve his profession. In many ways, a perfect mirror of Keir Starmer's current behaviour.