Perhaps I'm an optimist but I don't think we're in a terrible position. If no club comes in for him, then he has nowhere to go except our bench, in which case he remains a decent squad player. His CL experience may even be useful.
If at some point he causes a stink, then he'll get exiled (again) and the fact he knows nobody wants him should make him aware of how detrimental that would be. With his England spot in jeopardy, I'm not sure how likely it is to happen.
Our squad might get pissed off because of his salary but, as
@reddev3 said, his exodus has been so high profile that I can't see any player believing the club doesn't massively regret giving him that. We're also in a somewhat okay position where our attacking players are all on relatively high wages themselves. Sesko isn't going to cry about
only being paid 200k, nor Cunha on 180k or Mbeumo on 150k.
Diallo is a possibility, in which case I imagine the club will instruct him to look at the aforementioned players and say that once he's established himself, he'll be getting wages commensurate with our current attacking starters, not Rashy's.
All this said, the best-case scenario is that he goes, whether on loan or permanent.