I'd probably take that deal.
https://www.outlifeexpert.com/how-do-squids-breathe-can-they-breathe-on-land/
Is it Possible for Squids to Breathe on Land?
No. Squids may survive on land for several minutes in optimal conditions, but they cannot breathe effectively on land.
Squids gills cannot obtain oxygen on land. Gills will collapse on land, which reduced the surface area to a level where little to no oxygen is absorbed.
This is unlike crabs, crayfish and lobsters that can actually breathe for hours on land as long as their gills are wet.
I'm also not sure that they can actually support their weight and crawl around on land, even using what oxygen remains in their body. Octopuses can, for a bit, and not all that well, but while there are plenty of videos of octopuses out of water on YouTube, I don't see any squids.
Now, if that fight were in the ocean, then the squid's got all the advantages, unless you're gonna give the human equipment or something.