I'm not confident that the deal is going to get done anymore. It seems like Arsenal are balking at the wages. I'm not that comfortable making Khedira the top paid player at the club, but I also anticipate there will be a lot of wage inflation as the commercial deals get better and the players Arsenal gets are more established stars (or giving raises to players like Ramsey). From a financial side, that's what made me okay with it and from a footballing side, I was super excited. If it does end up going through, I wonder who will make the concessions. Real may need the money/Khedria off the books if they make a move for James.
Bender and Schneiderlin aren't really consolation prizes in my book. I think that both fit what Arsenal needs better than Khedira, but what excites me about Khedira is that he brings other useful attributes (size, experience, his relationship with the German players).