Last year perhaps Baker had leverage over the Cardinals - if they cut him on the heels of a horrible season and an offseason that hadn't moved the needle in a positive way, it diminish optimism for the future.
But this season, given the glutted market for safeties, Baker's failure to be a difference maker in 2023, and the shift of emphasis on safeties around the league, the Cardinals have leverage. If they cut Baker now, there are a lot of other good safeties who could be had for less.
If they want to keep him since he's one of the few "faces of the franchise", and assuming that forcing him to take a pay cut a year after giving him a raise would set a sour tone entering free agency, perhaps they could "commit to him" by extending him at a much lower rate, to spread his salary cap hit over more years and lower his average.