If Perez continues to perform poorly then I think Red Bull may well lose the constructors. With the McLarens, Ferraris and now Mercedes now in a much better position, picking up solid podiums and points with both drivers most weeks, and with a closer fight at the front meaning Max isn't winning every race, I think they'll be in real trouble.
I'm really surprised they committed to re-signing Perez so early. I get that they want to keep Max happy and they don't want a driver who's going to upset the apple cart, but it feels very risky to me and I think it's likely to cost them. I think it's a shame they didn't go for Sainz.
I do wonder though what performance based clauses Perez has in his contract. If he doesn't start getting back into the top 5 placings consistently I'd be amazed if he stays in the seat for a full 2025 season.