I think Portugal should drop Ronaldo. He is undoubtedly a great player, but IMO he hinders the national side.
By having one of the top 3 players in the world, the team and manager feel they can depend on him. Instead of playing with him, they play for him. Portugal have other very talented players that don't see enough of the ball in dangerous places, because Ronaldo has it and they believe that if Ronaldo has the ball, it is best for the team. Nani doesn't do this as much, however.
Yet, Ronaldo often goes invisible for large periods of important games. During this time against Wales, Portugal were on the back foot, partly because they were 2-0 up, partly because once Ronaldo is not involved the Portuguese team seem to have less of a game plan. See England vs Portugal in early June I think it was. Depending on a single player is bad for the team, like the Italian National Rugby team.
Moreover, he is a bit of a **** towards his team mates. The comments he made in February about his teammates were frankly appealing for a professional sports player, especially when it wasn't really true. A player like Ronaldo IMO is not a team player, but rather an individual using his team for his own success. Once again, he has improved this in this tournament but still feels his skill can justify him being a bit of a primadonna.
Also, I think he is overrated. He is the best in the world - against bad teams. Nobody can match him against bottom 10 sides in La Liga, or even sides outside the top 6. Against low to average sides, he is a beast. Against other top teams and in important games, he disappears comparatively. In most el clasico's he is not that prominent, or as prominent as Messi ok the other side. Against Atletico in the CL he was basically invisible until the penalty at the end. When it comes to big games he is no longer able to control games single handedly, so is not the best player in the world for those games. This year Bale has been better than CR7 in big games. Don't get me wrong, I still believe him to be one of the top 3 players in the world because of his skill and ability to win games single handedly against not so good teams, but not so good that Portugal should just play for him rather than with him.
Lastly, what happens when Ronaldo retires? Does Portugal just go in limbo for a while,vunsure of their identity and what they should do? By dropping Ronaldo, or at least changing the game plan, they will have a couple of years to prepare, while also allowing young players like Renato Sanches and others to blossom, becoming more central roles in the side. Basically, like Spain when they dropped Raul. I know this will not happen, but I'd be interested to see how Portugal do without him.