Having an ex-NFL player as a client, I agree with all of this.
Our client signed a nice 2nd contract. Had a down year and the club came back asking for a paycut or be cut. Funny his agent wasn't anywhere to be found when the team wanted him to take a paycut but was there every step of the way for the 2nd contract signing.
Our client bet on himself, got cut and signed a 1 year deal with another team. He played well and got a good 3rd contract that lasted until he retired.