To put my comment into context, I rate Foley as having set the world on fire in 2007. Would be happy loading up a big contract for him.
Jake King played some good games and a fair few average ones. He did best where he got under the guard of other teams that didn't rate him, especially running off his man. His disposal and decision making coming out of defense were questionable at times (although this did improve), but then he was flattered by Raines' comparatively poor year.
The guy who really stood up in the backline in 2007 was Will Thursfield. We can build around him. Not sure I can honestly say the same thing about King.
All that being said, if he backs up his improving form in 2008 and takes another step up, then sure, review his terms. But I maintain that he still has a lot to prove, and this time around he might find a few more talented kids putting some pressure on his place in the team.