That's my point. Loomis said there were things to work on with his contract. That just means things that require both parties to agree to. A pay cut is just one of the things that both parties would have to agree to, so Loomis may have been referring to things that weren't pay cuts.
Can't both parties agree to a new contract to replace the old one? Maybe the NFL doesn't allow that but it's commonly done outside the NFL.
Everything I said is possible if both parties agree to it, unless the NFL doesn't allow renegotiating the length of the contract. The other things are renegotiable, but both parties would have to agree to it.