GUIDES
On the contract screen you offer your own players a wage and a length. They can say yes or no. Unrealistic wages get rejected. A player who has announced retirement cannot sign again.

You propose a new wage and a term of 1 to 5 years. Strength and wage demands move together, often faster than the league position. A higher wage isn’t automatically a better contract. If the forecast can’t carry it, no is the right answer, even when you’re the one who has to say it.
Wages are deducted on every matchday: Wednesday, Friday and Sunday. They do not wait for a home game, a sponsor day or a cup cheque. Fixed costs above sponsorship plus stadium income compound until the balance hits the warning near −500,000 and dismissal at −3,000,000. That happens far more often than a tactical blunder. The full picture is on club economy and finances.
It does not raise fitness. It does not add experience if the player sits outside the squad: that player loses 0.001 experience per matchday, on the lineup page. It does not survive as a reason to ignore sponsors. At season end the sponsor deals expire even if the playing contracts do not. Renegotiate the commercial slots in the first days. Leave the wage talks until the income is visible.
Premium can rename a player. Renaming does not change the wage. The subscription is described on Premium and is optional.