Alternate deal
I agree with the heads up and 3 head choices. And if you want to be a nice guy, your choice for the 5th place guy was just that, nice; it wasn't fair for you at all and didn't seem like the best thing to do, but it was nice. If I were ever in your position, I would refute them with a choice of either taking a little from everyone rather than the bulk from you, or you don't agree on the deal. That way, either the others will take back their immediate yes's and side with you, or you will have more of the prize money that you earned as being chip leader.
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