if i was him, i would take the cash, and wait for the winner of Oleg vs Vitali.
Lets face it, if it goes to court, WBC will win. Like it or not, WBC has it in their rule books, and in one way or another the WBC can play it, and spin it in their favor. The rules are vague enough, where they can claim Champion emeritus status Rule, OR use the fact that the WBC considers vitali a "legendary fighter" rule (which states the current #1 contender would have to wait, until the fight between the "legend" and the current champ is over)Thats just being honest guys.

If it goes to arbitration, and peter loses, he gets Nothing. No 2.5mil to chill and watch vitali and Oleg. So if i was him, and i was confident enough in my skills, i would wait, with a fat paycheck. And please dont give me this, He's turned them down bull, he didnt turn them down, They are still negotiating the 2.5mil, it will most likely go higher. And peter will most likely accept.
A fight between vitali and oleg would be bigger globally due to the fact of where these guys came from, and the slight animosity between the two from the amature days.
WBC will Do whats best for the WBC, and no one else. No corporation is any different. Just like don king, he will do whats best for Don king. And ill put my money on the fact that he will have peter take the step aside money, and spin the controversy when its time to fight the winner.
Think of the headlines he could come up with.
"they have tried to keep my man down, Well not anymore!"
"they were scared, blah blah blah, Not anymore"
"he has waited long enough blah blah blah"
actually, i think those are things he has been sayin now anyways lol
ahh well...