Wrong, sorry.
Camargo's value to the Braves was $1.36 million - not the market.
This is the reason banks require an appraiser to provide them with THREE comparables, not one (and to that extent it's not entirely unlike the arbitration system). One house sold high - that sucker/buyer was from Florida and had never seen a mountain, so they felt the first house they found that had a deck with a long range mountain view was "stunning" - even though 70% of the homes in the area had similar views, many listed for sale for less money. One house sold low - that buyer was the son or daughter of the seller's childhood best friend, and the seller wouldn't have accepted that offer from someone they didn't have ties to. The "market value" of the home is somewhere between those two numbers.
This is where the two processes differ. Before going to an arbitrator, the team files a value (typically on the low end) and the player's representatives file a number (typically on the high end). If the player and team don't settle on a number somewhere between the two BEFORE the player's hearing, the arbitrator listens to the arguments from both sides and picks the number the most convincing side provided - low or high. That doesn't reflect the market value. Camargo's representatives had already done their legwork before Johan accepted his contract and believed that no one else out there was likely to top the Braves' offer so they advised him to accept it since it was likely to be the highest. Camargo's value to THE REST of the market was lower - in essence he went to the highest bidder for his services without becoming a free-agent. His representatives knew that if he didn't agree to sign for what the Braves offered he'd have been non-tendered, and they knew there was a very good chance there wasn't going to be someone else stepping up to offer as much as the Braves were offering.
Remember when everyone was so up in arms over Folty going to a hearing with the Braves over $100,000? He did that because he knew his market value was higher and he was being shortchanged - there were plenty of teams that would have paid more than what the Braves were offering, and his representatives would provide that information to the arbitrator. The fact that the filing figures were so close together was a mistake on his representatives part - since the arbitrator would have had to choose the higher of the two numbers rather than awarding "market value", Folty actually left money on the table in that instance.