Why would Jimmy redo his contract? Why accept staying with a team that wants you to take a pay cut, and obviously has little faith in you? I would think that he would wait to be cut, and then be able to find a situation that is acceptable to him. If he is to accept less money. surely it is right for him to pick the team.
As far as a trade, I suppose that he might accept one with no new contract. Since SF can't trade him without his approval, why should he make a team like the patriots lose a draft choice if he wants to play here. He can just wait to be cut, and then negotiate with the patriots.