According to standard theory the magnetoresistance magnitude in ferromagnetic manganites crucially depends on the electron-phonon coupling strength. We showed that in La0.7Sr0.3MnO3 the phonon renormalization is strong, despite its relatively small magnetoresistance. Here, we report results of a similar inelastic neutron scattering investigation of a closely related compound, La0.8Sr0.2MnO3, where the magnetoresistance is enhanced. We find similar phonon renormalization and dynamic CE-type polaron correlations as in La0.7Sr0.3MnO3. However, quantitative comparison of the results for the two samples shows that only polaron lifetime is well correlated with the strength of the CMR.