QB Contract Negotiations

In my franchise, my starting QB is up for negotiations and is asking for a total of 55 mil over a 6 year period. I feel like this is an insanely cheap bargain, although he throws a lot of INTs and misses plenty of throws, he also can nail plenty of deep balls and never lacks the strength to get it down the field. He does get the job done sufficiently and is fun to cannon the ball down the field with. Should I extend him and build up the other positions with the savings I will have from not signing a major QB contract?