I'm not well versed with patents. So when this patent expires in 2028, can RED "renew" it or it will be available for everyone to use w/o paying RED anything?
You can't renew a patent. Utility patents get a 20 year term, design patents get 15 years.
When a patent can take up to four years to be granted, and two years in most cases, then the current model is not sufficient.
Instead it ought to be a number of years from the day the patent is granted.
For software that should be around 5 years, if we really need software patents.