In my opinion, Pellegrini should not be sacked. He have done a great job so far at Madrid, and yes, only the players are letting him down. Their Champions League exit is virtually down to player's selfishness though they had a great night out there. He managed to keep the team in check as well, and he is pretty tactically astute in every sense.

And Ronaldo isn't really a waste of cash if u ask me. He's having a great season alright, scoring and creating chances, while maintaining his deadliness in dead-ball situation. He's always been a constant threat for opponents, though he lack the ability to produce a-moment-of-brilliance like Messi.