This former almost A list actor who now does mostly movies, but got all his fame and chances at headlining movies from a television show is set to come out. He has always stayed in the closet because he was afraid it would harm his chances of getting leads in romantic comedies, but no one is hiring him anyway. You wouldn't think it by looking at him, but people who have seen his peen say it is the largest they have ever seen. One of his former co-stars who is now an almost A list movie actress once saw it and said she could not believe it was real and thought the prop guys had done some Boogie Nights magic.
I agree with MrMarple who said the word "chances" is strange wording in the context of the rest of the sentence which leads me to think its Mr Bing and the former co-star is Miss Greene.
In one episode of the show, Mr Bing's brother-in-law said that his father (Mr Bing's father-in law) called him "Chancey" when the three of them were playing racketball I think it was.