Pete Carroll's contract extension adds two seasons to his current deal, which would have run through 2014, and means he'll be with the Seahawks through the 2016 NFL season. This lines up exactly with John Schneider's contract, which also runs through that year.
There seems to be a lot of hand-wringing over the length of the extension, which I can understand, but from Carroll's point of view, a shorter-term deal offers him much greater flexibility and assuming he continues to have success (which I'm sure he's banking on), he'll have greater earning power as his deal comes up again -- at that point, he can decide what direction he wants to take.
Carroll will be 65 by the time his new deal expires, which I'm sure was also a factor in his decision to take a shorter term contract, and at that point, Carroll will likely have the option to re-up once again. I'm not particularly worried about it at this point -- it would have been great for our collective mindset if he had extended through 2020 or something like that -- but three seasons is an eon in the NFL, so stressing about what happens after 2016 right now seems pretty pointless to me.
Enjoy the present. While you're doing that, listen in to Carroll's presser from this morning and his interview with 710ESPN immediately following that. NOTE: I added an additional interview from 950KJR.
Pete Carroll Contract Extension Press Conference
Pete Carroll talks with the media after John Schneider announces that the Seahawks have extended the Seahawks head coaches contract.