Well, these players are just like Latrell Sprewell. They need those $200k salaries to feed their family on a weekly basis...
And instead of taking a paycut, they would choose to retire if their demands are not met.
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From Wikipedia:
On October 31, 2004, the Minnesota Timberwolves offered Sprewell a 3-year, $21 million contract extension, substantially less than what his then-current contract paid him. Claiming to feel insulted by the offer, he publicly expressed outrage, declaring, "I have a family to feed ... If Glen Taylor wants to see my family fed, he better cough up some money. Otherwise, you're going to see these kids in one of those Sally Struthers commercials soon.