Ray Lewis is a good player, but he's also a product of media hype. He's been exposed in big games by good coaches and teams. The money he is asking for should be reserved for those great players that elevate themselves and their teammates to a higher level. Lewis doesn't do either.
He is clearly on the downside of his career, he is no longer the best linebacker in the league, and isn't even the best defensive player on his team any more. He's on crack if he thinks he can renegotiate his contract for a $50 million bonus. Well, he probably is on crack if he is hanging out with the rest of that team on a regular basis.