Trouble deciding between FT vs. Off-cycle offer

I am an incoming 2023 SA at a BB with internship experience (both regional IB and MF PE buyouts). Some time ago, I accepted a 2023 FT role at a MM bank with pretty limited exit opportunities. This has always been my "backup". However, recently, I got an offer to do an off-cycle internship with an UMM player (also buyouts) with great reputation - in that case, I would either re-apply to FT roles or hopefully (best case scenario) secure a return offer from the summer position. 

What should I do?

i) Renege on the FT offer and accept the off-cycle PE role. Try to secure FT from the summer internship.

ii) Decline the off-cycle PE role and go with the FT role at the MM bank. Try to secure FT from the summer internship and either renege directly before the start date or quit some months into the job.

iii) Any other suggestions? In either case, my biggest priority will be to secure FT from the summer internship.