Seems like there should be a "happy medium"- You obviously can't change the deal in mid-stream with the guy you have now, but when it comes time to find another, I'd think you could find a little guy who would rent for, say, half the going rate, on condition he keep the place up, etc.
As far as losing Ag land taxation, I can't say what the rules are in your state, but at least here, they don't swoop in and jerk ag status if you have a year without farming it. I'm assuming there's enough demand for rental land that even if corn prices tanked, or your guy went broke and quit farming, you'd be able to re-rent it at your bargain price.
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