Here is my main team.

Team AvQ is 120% at this moment
I have 2 players retiring this season.

Both players initially signed at age 18yo.

Fernando Paez was playing almost every match, missing matches only because of red cards, holding "Most Appearances" record in my team - 674 matches
He was main DC at the beginning, then became DR/DL 5-6 seasons ago.
His average quality is 31% at moment of announcing retirement.
He is fast trainer, auction purchase, retirement age is 33 years.

Pavel Shanava was playing as ML/AML at beginning, then became MC and played 648 matches up to this moment.
His quality is 61% at moment of announcing retirement.
He is pre-fast trainer category, academy, retirement age is 32yo.

Both players still have pretty impressive level of skills, team never tanked.

Among 3 cases (including previous season in another team) I make temporary conclusion that to be able to sign retiring contract extension player has to be somehow in match with team AvQ.
I would say his AvQ supposed to be higher than best 11 AvQ.

I have my legendary striker retiring next season. He is 140% at this moment. I will maintain best 11 AvQ lower than his AvQ in next season on 15th day of season (when contract extension supposed to be signed).

Fernando Paez
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Pavel Shanava
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