Hold on, where's that figure come from? Sounds like speculation/estimates based in his current earnings, I certainly wouldn't expect us to be paying the lion's share of his wages, and I suspect he wants the practice badly enough to go with less - not least cos of Redknapp's "he doesn't need the money" comments.
I see it as more of a coaching role, but in the more hands on aspects - ordinarily you'd look to your older players for that, but the likes of King, Woodgate and Keane are hardly any use for that lately! In my eyes the playing is a bonus on that, and to keep him sweet. Another assumption, but makes more sense to me.