Watched several Sunday Million - PokerStars
Final Tables...and Usually it goes to Chip count #'s and leave a % to the Winner.
Some Players will want to wait until there are 4 players left, some 3.
It depends on how many hours the Event has been going on, and the ratio of the Stacks.
If 3 Players all have 6.5 Mill. Stacks and it has been going on for almost an hour of swapping Blinds around usually fatigue will entice them to consider a Chop.
Anything can Happen at that point so they Usually agree to a deal.
In the Sunday Million for instance, when the difference between 3rd place cash and 1st is roughly 15K to a $100,000 pay-out and the winner taking say $135,000 and 3rd place making $96,000 due to the (set aside for winner amount) A Chop is the wisest choice.
Daniel Negreanu I have read he will 'NEVER' chop or discuss deals, as his RULE.
Some Players will only Chop when heads up and may only agree when 'They' have the Chip Lead in the Chip Count #'s department.
Some Players if they believe they can Win-It-All and have a 3-1 lead over the next stack they usually want a 'Cherry' on top of the Chop over-and above the (Set aside for winner amount)
Never been there myself to make a deal, but have seen several in process and assisted in players getting help for a deal and gave them the #'s estimate of what they'd be looking at when support did get there.
~Go with your gut instincts, and avoid losing more than you'd win - IF YOU LOST~ (if that makes any sense to you)