Bailey was Chancellor’s replacement while he was holding out for a new contract. However, things didn’t go all that well for him in place of Bailey.
Chancellor, 27, still has another three years remaining on his five-year, $29.323 million contract that included $17 million guaranteed. He stands to make base salaries of $4.55 million (2015), $5.1 million (2016), and $6.8 million (2017).
In 2014, Chancellor appeared in 14 games and recorded 78 tackles, one interceptions, a forced fumble and six pass defenses for the Seahawks. Pro Football Focus has him rated as the No. 20 safety out of 87 qualifying players.
Bailey, 23, signed on with the Seahawks as an undrafted free agent out of USC back in May of last year. He’s been on an off of the team’s practice squad, but was brought back on a future/reserve contract back in February.
This season, Bailey has appeared in two games for the Seahawks and recorded four total tackles.