Yep, supposedly 1 year rolling contract!
A 1 year rolling contract doesn't mean he's on a contract that's renewed every year, it means that every day when he wakes up he's got one year left on his contract.
It's the same arrangement we had with Peter Taylor, which assuming it was instigated by AP would mean that compensation for sacking him was already agreed in the contract and would be for less than a year's wages. (With PT both the buyout Palace had to pay and the compo we had to pay if we sacked him were written into the contract)