I watched the game again, I saw him shoot and hit the target and make mostly successful passes, you didn't say he does this! You said he just falls over, loses possession and passes it back (well he is a striker in a possession based system so I don't think this is actually a criticism).
How many players did play well today? Surely he has been doing something to have been the manager's choice to replace the undroppable one at 45 minutes.
What exactly did you expect him to do in that team today? I'm not saying he was good but I am saying he wasn't poorer than anybody else, whether it be Blind or Rooney, that team was poor.
So you are saying we should compare Falcao to his fee? And other players to theirs? Well thankfully the manager doesn't think like that, he has an expectation and either you meet it or you don't regardless of your fee, he wants to look onto the football pitch and judge the football.
Obviously it goes without saying when it comes to renewing contracts and stuff then you look at the cost of the player but in terms of judging Falcao's performance against Everton, his fee really doesn't have anything to do with it, just like the manager looked at his performance against Chelsea and training before judging where he ranks in his selection and not at his wage bill!
So in short, I don't think we should renew his contract as that's obvious, he was not worse than his team mates today despite what reading this thread suggests and no the performances of the players against Everton really shouldn't be judged in relation to their wage bill.