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He is who we thought he was.
Hopefully he can be cut after next year w/o a big cap hit. Perhaps BB just wanted to have someone he could depend on in case Dennards legal issues were problematic or Ryan didn't develop.
According to overthecap.com, cutting him in 2015 would still result in over $3M in dead money.
Again, I'm not bashing Arrington, and I personally am not putting much stock into the current "depth chart". Ryan may supplant Arrington at slot CB, or may not; he's certainly supplanted him as the #3 outside CB. Even if Arrington remains the starter in the slot, I think his contract was too rich, and I've always thought that. BB obviously values him highly.