Wasn't he signed for the whole 2012 season? I think even being on the practice squad counts. He then signed Sept last year so this year would make 3 years. I would think he will be signed to a long term contract, if he keeps the way he's playing now up, regardless of his free agent status.
FWIW:
Exclusive-Rights Free Agents (ERFA): An Exclusive-Rights Free Agent is an NFL player who is not under contract,
but has only two years of NFL experience. If his former club makes him an offer at the three year veteran minimum salary, then that's it, he has to take it or leave the NFL. These guys have no right to negotiate with other teams. They are "free" only in the sense that they're free to quit.
http://football.calsci.com/FreeAgency.html