Thing with MAL is, though, when they signed him, Valverde's contract has an option on salary level depending on whether he's active as a rider or not from 2022, and Telefonica had yet to re-up the sponsorship.
I think MAL was in the market when a lot of teams didn't have the money to pay him what he was worth, and rather than sign a 3 or 4 year deal when he might not be getting what he's worth, Movistar offered him the option of a one-year deal with extension salary TBD. At the time I compared it to Marcus Pettersson, the ice hockey player who reached RFA and took a contract for way below his market value for one year, when his team was in a salary cap crunch, only to then take a higher salary contract to fill out the rest of the deal. He wanted $3,5m x 6 years, they gave him $1m x 1 year followed by $4m x 5 years to make up the total value & duration. He was 26 years old and does not want to commit to a contract across peak years for less than he feels he's worth due to a lack of money in the market following the Covid slowdowns and race cancellations, so the opportunity to kick the can down the road a year when the situation will likely be better was an obvious plus point about the Movistar offering for him.
Of course, this is beneficial for Supermán in multiple ways - they get a year to ascertain whether he meshes well with the team or can work in that environment, and until this Tour, signs had been good in that respect. However, he also gets to hit the market again at the end of the year so if he prices himself out of what Movistar are willing to pay he can jump ship for a better contract elsewhere. I would be astounded if they don't offer him an extension - and a pretty good one - at this point, unless some serious public arguments break out in the interim. However, I would not be astounded if he doesn't take that extension because somebody else is offering him a better contract. After all, we'd be talking his contract through what ought to be peak years, and even if he has a disappointing year, he's nevertheless still a proven talent and a proven winner who will bring a lot of eyeballs to your team through his results and his activities during races, so should still be a valuable commodity in the market to most teams.