I figured it was overwhelming likely that Shota would stick around, and that it was roughly a coin flip as to whether it'd be via his player option or via accepting a qualifying offer. The latter is still probably how this ends, but I think clearly the odds of him leaving are higher than I expected.
If the team doesn't give him a qualifying offer, to me it says one of three things. One fun, one boring, one sad.
Fun - The team wants to go out and grab two impact starting pitchers. Right now the question is if they go the free agent or trade route, with an extra rotation spot you can do both
Boring - The team *really* doesn't want to go into next winter with three starting pitchers slated for free agency. Shota's going to get replaced by someone roughly Shota caliber under control for multiple years. Say a Mitch Keller trade or Zac Gallen in free agency
Sad - The team thinks Shota is cooked, and considers him turning down his player option a bullet dodged