Kind of a lose-lose situation. If we renew, it's very likely this will soon become an albatross contract. Guy can't be trusted as a reference. But if we let go for free, it will also deserve criticism as, by reputation, he's one of the top in the club.
Best business would have been getting some value for him. Ship has sailed.
All in all, given the lack of talent and experience overall in the squad, It would be a lesser loss to keep him. Maybe, just maybe, he can perform and regain value, only to be sold next summer.