Renegotiating with your drivers for less

There should be the option to renegotiate a driver contract, or even a sponsor contract. However, I see the driver contracts as being more important. When the contract is nearly up, I should be able to renegotiate for possibly a cheaper deal or for maybe a more loaded contract. An example would be this...
Lets say I have a driver who has been around for two seasons now, so 34 races. If I wanted to renew his contract before the end of the 34th race, I should be able to with a few more options than I have currently. Instead of paying the guy more and more per race (5%), I'd rather cut down on that contract by 5%. If I have good relations with my driver and he feels the same, he should be willing to take less but obviously not too much less.

Its not perfect system as it is but its a system that a little bit more realistic than what you are suggesting..

I've never heard of an F1 driver taking a paycut to stay in the same team

Look at Alonso looking for more money from Ferrari, I think iGP doesn't really need to go down another route with contracts

Alonso switched teams, so of course he's gonna look for the highest bid. It should be possible, maybe not likely.