My opinion is: we need players on the bench who are either good enough to play most matches without us losing a lot of quality, or content with playing only a handful of matches every year (young players especially).
Unfortunately, Pedro doesn't seem to fit into either category, so the renewal doesn't make a lot of sense to me. Yes, he is a great player and world class when on form, but he has only shown glimpses of it in the past few years. Messi, Neymar and Suárez are all much better than him. So either he steps up next season, or he is happy with as little game time as he got this season.
Don't get me wrong, I am happy we have him on the bench, but I just thought under the current circumstances he would want to play more.