The club announced earlier today that both the Spanish centerback and the club's chairmen reached an agreement to extend the contract that links each other until 2017. The amount of money Albiol will be getting is still unknown, but this is a good move for the club.
It's true that Albiol will probably never be a key starter in Real Madrid's roster. And he probably doesn't deserve to be one, but every club needs a good and loyal backup defender that knows what his role is. He's probably had the chance to complain about his playing time, and he could have gone to the press to unveil some secrets about the locker room (see Pedro León), but instead he has been willing to work with the roster and has waited for his chance. Whenever Mourinho has used him, he has not been something very especial, but he has not done any wrong neither.