Yes it is time to make a decision. I'm 95% sure I'm going to take it but I'm still going to talk to my boss about it.
Don't know all your details, but would caution against this unless your boss is also a trusted friend. Potentially treacherous situation to discuss outside offers (I'm assuming you'd be leaving companies) with management, especially if you decide on the 5% and stay. That said, I am very open with my boss about my continued search for another job (my salary is paid by a federal grant which could expire 9/18/18) due to the "temporary" nature of my employment. My decision to do so is knowing my value and making sure he's aware I'll leave, so if he wants to keep me, he'd better get creative. I feel I have the upper-hand in the conversation, which is why I even broach it. However "ultimatum" type discussions around job offers are typically advised against.
All that said, good luck in making your decision! Career stuff can be nerve-wracking at times!