In the NFL, when players are traded, especially players with demanding contracts the agreements are almost always renegotiated with the acquiring team before the trade deal is consummated. Just as the Cards are trying to renegotiate his deal, the other team would do the same.
As for the draft pick, do you not think LF is worthy of the #10 pick? He's a proven top-flight NFL WR that's probably better than any player that will be chosen in the entire '08 draft. I'd even try bargaining the '09 1st round pick...