Its not as simple as you make it sound.
1st.......After 2 restructures, we have converted a boat load of base salary to bonus for Romo. If we release/trade Romo after this season it will be around a $32 million cap penalty.
2nd.....If Romo calls it quits due to injury and retires, we are screwed. Romo's agent was not dumb, Romo's extension is guaranteed against injury. If Romo has to retire due to health reasons, we are still on the hook for $50 to $60 million of his guaranteed portion of his contract and all of that would prorate into next years salary cap and hence, the $32 million dollar cap penalty would still apply.
Like I said, Romo's agent is not dumb. He knows he has an older QB and the team might be looking elsewhere so Romo's contract was structured in a way that makes in financially impossible for the Cowboys to get rid of Romo over the next 3 seasons. Mickey Spagnola calls it an "iron clad 3 yr deal" even though the extension was for 6 yrs.
Romo will be on this team for the next 3 years regardless of whatever happens in the draft. Now this does not mean that will not draft another QB, but everybody has to realize that a new QB is either going to ride the pine a hell of a long time or we are going to have a backup QB making $20+ million per season with most of it guaranteed.
The team could simply
renegotiate Romo's current contract (with a renegotiated contract, find a trade partner if Team Romo 'thinks' he has 2 to 3 years of productive play and move him).
Team Romo would have to agree to the proposed pay cut, however.
A
renegotiated Romo contract (with a reduced salary) could alleviate some of the concerns.
Romo has the upper hand in that he does not have to agree to a renegotiated contract.
On the other hand, if Romo's performance deteriorates, the team similar to its dealings with D. Free, could demand a reduced salary.
Even with the bad contract, the team does have some options albeit limited ones.
Without competition at the QB position, Romo's bad/terrible contract (along with his age & reoccurring health issues) hurts the overall team and prevents the quality rebuilding of the roster.
If Team Romo does not want to renegotiate, then bench him & move on.