ESPN.com's John Clayton reported the news and the details of the contract.
This was an excellent keep for Seattle because Chancellor is one of the NFL's more underrated safeties. The past two seasons, he has accounted for 198 tackles, four forced fumbles and 17 defended passes.
Given his size at 6'3" and 232 pounds, Chancellor is a rare breed of safety. Providing the talent to roll down and fill running lanes, he's dependable in Cover 1 and 2. However, he gets a bit overlooked with the impact of cornerbacks Richard Sherman and Brandon Browner, plus the Seahawks' offensive stars.
This is a great way for him to be recognized as Seattle maintains its asphyxiating defense at all levels. And expect him to deliver as well.
The Seahawks upgraded their pass rush this offseason with the acquisition of Cliff Avril (via NFL.com's Albert Breer) in free agency. Therefore, additional quarterback pressure will translate to even more playmaking opportunities for those in coverage.
Obviously, this includes Chancellor, who has the combination of size and instincts to play near the box or back deep. Quarterbacks will be so concerned about the receivers defeating man coverage and pass protection that he will be able to lurk in the secondary and capitalize accordingly.
As a result, Seattle will force even more turnovers this season and Chancellor will make an impact at another level entirely for the long-term future. This also includes the sustained expectations of being Super Bowl contenders in pro football's toughest division.