I have a hard time beliveing a pay cut is necessary. This show makes millions. I think they're bluffing, they are just trying to give a good reason to stop paying these guys as much as they've always earned.
I'll be honest, I think they're overpaid. Millions of dollars a year for talking into a microphone for a few hours a week (I'm guessing). Come on! The same thing can be said for 70% of Hollywood, particularly the big name actors and directors, and 100% of pro sports.
But in this case, if they demand that kind of salary, and the producers can afford it, they should get it. Primarily because these people can't be replaced. If the cost of the show outpaces the profits, it's unsustainable, and it should probably be cancelled. But I don't believe that's the case.
I'd miss the Simpsons if it were cancelled, but it had a good run. If it does get cancelled, are they going to make another movie?