Good for him. But I would rather put $1M into the charity and keep the ring. The ring symbolizes immortality, and the culmination of MANY years of sacrifice and hard work. Personally I would rather lose the $1M. Its not like he can't spare it. That is a pretty big gesture in itself.
He will most likely get a replacement ring down the line as well. I have a contact within the Raiders organization that has three Super Bowl Rings, and has had them stolen, lost and damaged and has been able to get them replaced accordingly. If Ron-Ron is able to give money back and still get his ring, win-win. Besides, you can't really wear that gawdy thing anywhere anyways. He knows he helped get that title and so do the record books. Screw the jewelry, its for wimmins anyways.