Ray Lewis needs to perform under his existing contract. If he does not, he should not be paid a dime and not other team should be allowed to sign him.
Ray has done nothing but perform under his existing contract. Lots of folks don't like him, but it would be difficult to overestimate his value in the stadium (even when he's hurt, he's still working it).
I think the number of renegotiations has a bit to do with the salary cap. Lots of deals get restructured. The ravens (iirc) may have brought this up before Ray did.
This is IMHO nothing like the latest TO soap opera.