contracts ( when to extend ) ?

[casper™]

if their on 2yrs now then wait till next season when 1 year, i had 8 players on 1 yr this year and got warning that the contracts where about to expire half way through season so i saved a bit of extra money, also don`t add skill points untill you done the new contract or it cost more for signing on

I think after the season ends, we have 7 days to renew the contract or release the player.

Isn't this correct?