First, I assume the "non-negotiable chips" are the use-till-you-lose type. These have a value of about 98% of face value, depending on the rules of the games you can use them on.
That said, the average bag is worth $5,960. That is almost 20% more than the cash offer. Even looking at it as a utility of money problem, you should still take a bag, even if you have no other wealth.
This question was asked and discussed in my forum at Wizard of Vegas.