I think he would be wiser to play out his deal and take his 3M$ or whatever.
I think it's part pride and part an eye toward future earnings. From his post-game interviews, I really think Bogo has a poor sense of himself as a hockey player. He probably thinks he deserves to be a top 4 D on an NHL team. Even seeing that obviously no one running an NHL team agrees (if they did, his contract wouldn't be an issue, and he would've been traded or claimed), he's still not going to accept playing in the AHL. And, when it comes to his next contract, he'll be better off if he can rehab his value as an NHL player this spring than if he plays out the rest of the season in the AHL.
He seems like a good guy in the community, and I know a lot of his teammates in Buffalo really liked him, but he's just plain bad at hockey and actively cost the team points in the standings when he played. I wish him good luck, but good riddance.