This is reason I think he'll be retained.I agree with all the points you've made.
I'm just looking at it from a business side and not a football side. I'm not advocating for him to get a new deal, but he will still need to be replaced.
I'm not convinced there will be anything better available in the market for little expenditure that is a substantial upgrade on him. Even from the loan market, your looking for a club to loan out a defender who isn't necessarily going to be a starter every week. If there was a club who was going to do so, I can't imagine there are many players who fit in that bracket, who again aren't going to command a sizable loan fee.
Four players have gone already, that's four we need to replace. We can't afford to lose many more, so we're at a point for me of what is going to cost the least to replace.
He's always seems to by hook or crook manage to hang round the club ha.