Hey Everyone, I've had a reply back from someone in the EA Career Mode Team.
In regards to Players being Unable to Renew their Contract -
Indeed, the issue only occurs if you don’t complete all of your optional objectives. If you complete all objectives, you should be fine and have the option to renew your contract.
In their current investigation, EA have found a link with the issue - between a 'Wage Increase', the 'Optional Objectives' and the 'Renew Contract Option'. As it stands, if you request a higher wage than what you already have, and then fail to achieve all 'Optional Objectives', you won't have the option to renew.
"The system is designed to convert all the progress you make on your objectives into monetary value and we wanted to make getting a raise a more significant achievement.
Thus, in order to get an improved contract, you would need to stay true to your commitment and complete all of your objectives. However, the contract renewal option shouldn’t have been restricted to the same standards as getting a raise, which is what we’re looking into fixing."
As when the issue will be resolved, they haven't given a time as to when the issue will be fixed, however they are currently actively working on the issue, and are taking their time to make sure they resolve the issue correctly.
If you're wanting to restart your Player Career again, my advice to overcome the issue at the moment, is to make sure you complete all objectives before the end of the season so you can have the option to renew. To make it easier for you, make your wage demand as minimal as possible so the objectives are easier to achieve. The other option is to wait until the issue is resolved, but be assured - they are working on it.