What are the odds this ends up being a one year deal and he plays elsewhere after 1 season?
Pretty high, I'd guess. Zero chance Revis sees the second year of this particular contract. I think it's right to think they'll work hard at an extension, but it would have to be on terms very agreeable to Revis. And that means big $$$.
So my expectation is that this is a true one-year deal and then he'll hit the FA market again. I do suspect that during this year, he'll come to really like playing in NE and that they'll have many conversations about a new contract, and that the Pats will definitely be legit players for him after the 2014 season, but in the end, if he plays well this coming year (which I expect him to do), he'll play in 2015 for someone else.
Still, I'm totally ok with this deal. Well worth it for one season. Get him cheap for one year and have a full year exclusive negotiating window for a longer contract. I'll happily take it.