Revis is not the commodity. The commodity is the exclusive right to give Revis a hundred million dollars to lock him up before he can test free agency. It's not a subtle distinction.
Subtle or not, it is a distinction without a difference. No one can sign him long-term until they have his rights, which we are able to sell.
You can make a distinction as to whether Revis is locked up or Revis is not locked up, but he has trade value either way. He doesn't have the same
trade value either way, but either way, Revis is a commodity that can be traded. In other words, he would have value A as an under-contract player if he was already locked up long-term, and he has value B as a player with 1 year left with the right to lock him up long-term. Revis has value B right now. The team that trades for him will likely already have a deal worked out with him so no one is trading for him to just get the rights to do something or not do something with him later, particularly since he can't be franchise tagged (like Al Davis did with Seymour).
We should either extend him (if a reasonable deal can be worked out) or trade him this offseason. It appears that is what is going to happen. The worst thing possible is to just hold onto him for one more inconsequential season and which then leaves us with (a) nothing, or (b)
the need to outbid every other NFL team to re-sign him in March of 2014.