New contract for Gerrard.....ideally he would see out his career with us.....maybe on slighlty less money.
I would imagine any contract will be year on year now and will include some kind of integration into coaching or management at the club. Gerrard is a legend, probably the greatest Liverpool player ever based on his commitment, ability and passion BUT...and there is a but...he is on massive money and will be playing less and less. Freeing some of his wages up for others will help the club, especially around the FFP they have to be mindful of and are currently over.
Any wage decrease would likely reflect the level of his on field involvement int he next 12 months (common sense), but that contract is bound to have some other brilliant clauses tying Gerrard to LFC one way or another until he no longer wants to be there or wants an overseas swansong. I wouldn't begrudge him a move to MLS or...Phoenix (hilarious).