sounds like garbage.
Murphy is 20 and isn't on much anyway. No way is he taking a pay cut. A player at his age really deserves to be getting their market value, especially as this will be his first "big" contract.
Call me cynical and I don't want to rain on everyone's parade but it's a huge huge stretch to say this. I find it extremely hard to believe.
As far as I am aware, contracts last until 31st Oct and new contracts commence from 1st Nov so he could have signed during the year and then modified his contract after trade week if needed. As long as both parties agree to it, a contract can be overwritten.
Don't worry guys he isn't waiting to take a pay cut. If he had done that he would have signed a long time ago. If he has agreed terms like he says he has, then the club is not that stupid to keep waiting so long to put the contract in front of him. Why drag this on so long? The trade period is not that far away.