There are numerous posts on internet forums that state that after patch FM 2007 to 7.0.1, there have been some problems when playing the game.
These are some of the bugs reported.
Contract Bug [Link]: Player’s contract length changed when he rejected a new contract from his club during contract renewals.
SI recommends that you should comply to the needs of the players that you want to recontract until the new patch is out in the coming weeks.
Well, for the FM fans out there, bear with it for a while. In the meantime, you can relax yourself with other games or try to comply to the needs of your players, if your financial ability of your club permits.
GameBlog will update you when the new patch is out.