You'd see what other offers you could find and if the best offer you could get was 1mil for the patch after negotiating, then you crunch the numbers to see if that will move the needle or if it's selling out.
But, apparently if making sound business decisions isn't tenable then I guess telling titan machinery to f off and that you don't want any of their money is one way to go. However, you won't have many advertisers left.
Believe it or not, businesses aren't in the business of making random donations just because of passion or fun. They want a return on their investment. For some businesses, that's actually more important than which team they support.
Having your logo on a basketball jersey that makes the NCAA tournament is a lot more valuable than a logo on a football jersey of a team with two D1 playoff wins.