Mundy said he played his last 8 seasons on 1 year contracts in his podcast a few weeks ago which is what I was going off but I didn't go and verify that was the case and not an over exaggeration or poor estimate. Looking now, Morgan is right and his 1 year contracts began at 31 when he was removed from the captaincy.
I think the point still stands when Pearce was given 3 more years that takes him through to playing at 32 given his incredibly risky injury history and low chance of heading elsewhere.