The show took far more seriously than the third and most egregious Matrix movie the problem of making an agreement when there is no government around to enforce it. Rick and the Governor are chatting away about reaching an agreement. It moves from splitting turf to Rick perhaps turning over Michonne.
The big question is, of course, how does Rick know that the Governor will not renege? This is the trick in much of post-apocalyptic tales and in International Relations and Civil Wars: how to design an agreement that is self-enforcing.
In this case, it is pretty clear that there is no trust to smooth the deal, that the temptations to cheat are huge, especially for the Governor since he is just a bit crazy (or cray-cray as Teen Spew would say). Given that Michonne also happens to be one of the best warriors, this would seem to be a foolish decision if Rick turns her over.
Indeed, there is more than PD going on here, of course. All one needs is PD to figure out the situation and scream at Rick not to make a deal. But Rick has shown to be poor at tactics, operations and strategy.
What else is going on? When Rick said, "Michonne or your girls" that was a false choice, of course. Why? Again, turning over Michonne is no guarantee that the girls and boys will be safe. Indeed, it is very likely that this deal makes them less safe. There is also another game to play--Rick's credibility within the group. If he turns over Michonne, who is next to be sacrificed for his kids? Meryl (however it spelled), certainly but why not ultimately Glen or Maggie?
So, plenty of reasons to not make the deal. Another thing to consider: even if the Governor can through the back door of the prison, with the doors locked, Rick's team is on defense, and it takes more people to engage in offense than on defense unless the offensive folks are super-special or have better tech or both. So, the fact that the Governor has more people is important but not determinative. That they really cannot attack through the front due to all of the
So, again, Rick should stay on defense, improve his fortifications, and make it hard to attack.
But will Rick do this? Probably not. As I said above, he is not a great planner at any level. Maybe his ghost-wife can provide some instructions.