You are never FORCED to lose a RFA. (hence the restricted). Once you tender him one of two things will happen.
1) Noone will pick him up, in which case you keep him for whatever the tender amount was (normally about 2 mil/1 year). No signing bonus, no incentives. Darn good deal.
2) Someone WILL pick him up and offer him a nice fat contract. At which point you can either LET them have him and get back the compensation (1st and 3rd in your case), or MATCH the offer and keep him at that contract THEY negotiated.
So you will end up with 1 of 3 things:
1) your guy signed for a 1 year deal at about 2 MIL which you can then negotiate during the next season for a long term extension.
2) a 1st and 3rd round pick and no player.
3) Your guy signed to a long term deal which another GM negotiated and you matched to keep him.