How do we know that Ted hasn't already renewed GM's contract?
There is no requirement that teams publicize a renewal contract for their GM, GM is notoriously tight-lipped about new contracts, but has no choice with player contracts because the player and his agent will publicize it anyway, or it is a star player and the team wants to report it as a successful signing. None of these reasons apply to simply renewing GM's contract.
I could have sworn there was an instance back in the early 2000s that after one season, the question came up from a media member about whether he was renewing GM's contract, and Ted responded that GM's contract had already been renewed a few months earlier.
Given the lame local media coverage, I doubt any reporter has asked GM or Ted if there have been any contractual renewal talks - I certainly have not seen any instance where GM or Ted had to talk about GM's contract status, and absent the right question by the media, there is nothing stopping GM and Ted from simply saying nothing at this point.