Which tender has the highest monetary value for restricted free agents?

The tender that holds the highest monetary value for restricted free agents is indeed the first-round tender. When a team designates a restricted free agent with a first-round tender, they are essentially offering the player a one-year contract at a salary equivalent to the average of the top 10 salaries at his position from the previous year, or 120% of his previous year's salary, whichever is greater.

Additionally, this designation provides the team with the right to receive a first-round draft pick as compensation if the player signs an offer sheet with another team and the original team decides not to match it. This combination of a substantial monetary offer and potential draft pick compensation clearly distinguishes the first-round tender in terms of value and strategic importance.

The other tenders, such as the right of first refusal, original round, and second-round tenders, offer lesser monetary values and different levels of compensation or negotiation rights, making them less favorable when it comes to maximizing the financial incentive for the player and the potential return for the team.