Agreed 100%. This really is baffling to me.
Burrell not wanting to resign is really the only viable option I see there, and I have no idea if that was the case or not. Burrel's not going to get more than 3-4 years himself. Plus, Ibanez is the greater injury risk.

Over the last 4 seasons, Burrell has played 610 games, an average of 152.5. Ibanez has played 632, an average of 158. That's barely any difference. Both players have been very durable. Neither is "far more durable." Adjust it for age, though, and Ibanez has the greater likelihood for injury and/or sudden collapse.