I wouldn't go as far as saying cocks out, but there is a bunch of circumstantial evidence to suggest that the relationship between Ronaldo and Madrid has soured.
Florentino Perez's campaign to tell everybody who'll listen how much he loves Ronaldo and especially how he wants to make him the highest paid player in the world, in my opinion, is a way of covering his own ass if Ronaldo leaves. If this were simply a money issue, a contract would've been signed before it even got to this stage because Ronaldo would've been the highest paid player in the world at the club he's claimed he's always wanted to be at. The image rights issue which has been said to be a major sticking point, to me doesn't seem like it would be such a big deal. When he first signed for Madrid, I'm sure the issue was brought up and if it didn't bother him so much then, why would it now?