Company is cutting my pay and "demoting" me to a new role… am I being played?

So, I’m in a bit of a mess and need some real talk.

I’ve been working as a Financial Data Analyst, but my bosses basically told me I suck at it. They said I’m not "sensitive enough" to the data and my feedback isn't what they’re looking for. So, their "solution" is to move me to a different department to fill a spot left by a coworker who just got laid off.

Here’s the catch:

Since I don’t know the new role, they want me to start as an assistant and learn from scratch.

My base pay after probation is actually LOWER than what I’m making now.

They’re offering 2% of the profits as commission, but honestly, that feels like peanuts.

I know for a fact that this position pays way more at other companies, but my current place is lowballing me big time.

They’re pushing me to sign the new contract right now. I want to quit so bad, but the job market is absolute trash and I’m terrified of being unemployed.

Does this feel like they’re trying to "quiet fire" me? Should I just suck it up for the paycheck, or start applying like crazy today?

What would you do?