That is my initial read after taking a look at the detailed numbers published Wednesday by Rotoworld (see the "view contract details" link).
Chancellor gets a $5 million signing bonus. His base salaries are guaranteed in 2013, 2014 and 2015. The totals add up to about $17 million in guaranteed money, same as suggested by initial reports. But reports suggesting Chancellor would get $7 million per season were on the high side. The deal totals about $29 million over five years, with additional money available through incentives.
The guaranteed money is most important. Without guaranteed base salaries in the first three years, the Seahawks could more easily cut ties with Chancellor if his value to the team changed unexpectedly in the short term.
As things stand, Chancellor gets money in his pocket and some security a full year before he was scheduled to hit the market. The Seahawks get a Pro Bowl-caliber safety signed for less than $6 million per season by their accounting. This deal should not significantly complicate efforts to re-sign other players.