That's rubbish. When they state "4 year contract" they are clearly rounding to the nearest full year. I think its safe to assume his contract will expire just after the 2016 Euros ie. 4 years & 2 months contract.
Clearly the most sensible thing to have done would have been to given him a 2 year (2 year, 3 month if you're being pedantic) contract until after the World Cup in 2014, with the option of extending his tenure if all parties concerned are still happy.
When you sign a contract it is from the date you sign it and until whatever date both parties agree not 'rounded up' to the year. Most football contracts usually run till May when funny enough the football season finishes. International football managerial contracts usually will run to the end of a tournament so 4 years would be to the end of Euro 2016 not December 2016.
If the World Cup in Brazil is a failure they will only have 2 years to pay up if they decide to part ways. Still far far less than anything then anything they paid out for with Sven, Capello etc or whatever Harry and his entourage would have cost. Hodgson may well have had enough by then especially with the media declaring war already.
Anyway what do you expect Hodgson to achieve in two years? Win the Euros this year and then qualify for the world cup with record points and goals scored?
Hodgson is not a short term appointment as I think that the Euros (2012) is not on the current agenda but building something longer term with a possible successor lined up already.
The squad is quite old and needs an overhaul from top to bottom after this tournament. Two year deal is not building for the future just begins another merry go round of managers.
We may need to sacrifice the next 2 tournaments whilst re-building the squad and national game as we are way behind Germany, Spain, Holland etc. Two year contract is a short term fix and would show the FA do not have trust or faith in him. I am glad they are saying right lets have 4 years, see how this tournament goes, and then start rebuilding in the wake of possibly have a team that could win the next Euros in 2016 which is a more realistic aim. The world cup in Brazil is a non-runner in terms of winning it.
The problem like everything in life is everyone wants everything straight away. We have fast food, cars, internet etc everything is instant. So football fans want instant success too. At club level that may work but at international football you can't just go out and buy the best and get that instant success. It has to be built (see Dutch, German and Spanish football).
I see The Sun have rolled out Jonathan Ross to try and make light of it. Just because his career was built on not being able to speak properly.