It seems Real Madrid is just standing and watching the fight between PSG and Mbappe, if they continue this fight and PSG sells Mbappe because of not extending his contract, they can hire Mbappe easily which is much better for Real Madrid while if PSG doesn't change their mind, Real Madrid should pay 200m to PSG.
The best option PSG has now is to sell him and get whatever they can lay hold on. If they allow Mbappe to leave next season, they will lose money. But keeping the French striker for a season might be beneficial. He could be a good asset for PSG to win the UEFA champion league and of course the Ligue One. Next season might be PSG's year to lift the competition that the club highly desires. No club or team can underestimate the impact of Mbappe, he has a great striking ability. But he has given conditions to any club that wants his signature. He wants the same contract Messi has with Inter Miami which includes a stake in the club ownership. So any club that wants him should be willing to give him the same contract. Real Madrid will not pay $200m, they will be patient until his contract runs out because he will be cheaper.