month to month

I was just wondering whether in real life players when their contract runs out and they decide not to leave and the club does not terminate their contract so they go on a monthly contract but do clubs in real life have the option of negotiating a lower wage for this monthly contract as I'm currently paying 33,000 a week for a player who is old so I don't want to give him a permanent contract but still want to keep him on as a backup. Can clubs change this wage in real life?

i think the bosman ruling doesnt allow a club to just say your going from £10000 a week to £5000 a week however if a player is willing to sign the contract its fine i think. Paulo Maldini is a famous player who has voluntarily taken quite a few wage cuts during his time with ac milan.