If recent history is anything to consider the simple reality of being given a big contract doesn't insure a player a place on the team if he fails to compete or becomes too expensive for his production. That said I believe the FO believes Red to be a a part of the core group on the team and wishes to keep him. As others have said he is a team leader and a huge part of the physical presence of the run D. I think he had a down year last season with the foot injury and will need to bounce back so his name isn't one for consideration of trimming to reduce the team's cap exposure.
Another thought is the D is quite a bit behind the O in terms of $ allocated to the defensive side of the ball and he will need to really under perform to be a cut candidate. strnger things have happened though as Obo and BMW were cut after being given big contracts they were unable to play up to earning.