Subject: Re: More cash-secured put arithmetic
Writing a $700 Jan '27 put will yield almost no time value -- it might even be negative.

I theory it can't be negative. Because if it were negative, it would be worth buying and immediately exercising the option (US equity options can be exercised at any time through expiry, European equity options can only be exercised at expiry). Thus, arbitrage would exist and that inefficiency would immediately disappear.