So, I'm a contractor and I'm enthralled with the project and the company (which is kinda the position I'm in right now). The company loves this and wants me to stay on full-time, I'd love to stay. However, why would I take a pay cut and why would I take a step back in "rank". Staying on as a contractor I can still work on my enthralled project..

What sort of bargaining can the company perform? What can you offer a contractor you don't want to lose to become full-time?