My likely choices are: 1. Take their offer and move on. 2. Take a stand with a potential of being forced to resign. 3. [Your suggestion]?
I am very stable financially, so leaving is not detrimental in the short term (6-12 months).
Have you been in this situation? How did you deal with it?
I'd say if you are happy with the company and just want to stop traveling, then take the 10% pay cut and be done, you'll probably make that up on being in one place for a year. :) Plus you will likely be able to grow your salary still, so probably not a big deal overall. Also, you may want to check too, most of the time consultants don't get into the same bonus pools that FTE devs do, so that might also be a difference either way to be clear. Same with other benefits, so just make sure you are comparing all the compensation elements and not just pay (I would think you are, but just a reminder) -- a lot of times health insurance is different, generally you pay less as a dev for your portion than you would as a consultant (primarily because it costs the company more to insure the full time traveling employee).
If you feel the company is low balling you for some reason, take a stand and hold the line, but just be prepared they may say then they have no position for you.