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Chancellor is my favorite safety in the league right now he's an absolute beast but with that said Iloka has come into his own the past few seasons and hasn't reached his ceiling yet so I'd stick with Iloka.
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I'd rather have Kam replace Nelson. I know some people are trying to downplay his talent because of Earl Thomas, but those people are nuts. The guy would be amazing for us. With that said, no to trading for him. He's already holding out 2 years after signing a 5 year extension.
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Believe it or not, defensive scheme matters when you're looking at potential free agents and/or trades.
If I were starting a fresh NFL team and had my choice of any safety in the league, Chancellor would be near the very top of my list without a doubt.
The Bengals roll with 2 coverage safeties in their defense nowadays, and we already have 2 of the better ones in the league. Surprisingly enough, they're both also capable of laying some big hits as well. They aren't the "physical enforcer" type like Kam, but that's not the type of guy we need in the current defensive scheme.
The fact that Chancellor would cost quite a bit more than either Nelson or Iloka would make the decision very easy IMO. We have value at S right now. Iloka's average salary was just over $500k per year and he's turned into one of the best coverage safeties in the league. I'd be extremely surprised if he gave the team a hard time about signing a reasonable, fair contract. Reggie Nelson has been quietly one of the better overall safeties in the league while making $4.5 million per year. Chancellor's average salary is just over $7 million per year and he's holding out for a new contract, you better be ready to pay for the cute nickname of Seattle's defensive backs if you want to sign any of those guys now.