If the Suns were able to renegotiate Paul's contract (I'm not sure if they can) I think he would minimally get the guaranteed amount or the full amount, but it might be spread over more years. I seriously doubt Paul is going to give up more than the guaranteed amount of salary.
Really all comes down to whether CP3 wants a ring, and whether or not he thinks he can get one here
When he first arrived he had the pick and roll with Ayton going so defenses couldn't smother Devin Booker - and he also had 3pt shooters not named Devin Booker
But the pick and roll as a primary option is a thing of the past, because not only does KD give Booker more breathing room, but you can also depend on KD during crunch time
We saw it after one of the wins late in the season, CP3 hit like a bazillion 3s to clinch it for the Suns and he still looked unhappy in the post game interview talking about how his duties had changed
So the question is will CP3 not only take a pay cut, but also a play cut? Because in all honesty we need more youth and paint penetration from our starting PG
And we need Chris Paul to become CP3-Pointer