I think it will be a banner year for him too provided he gets the carries to make that happen. The off season moves show the Browns are going to be a more pass heavy offense. How much more of a pass heavy offense I'm not sure. Then we have to consider that watson will also be running the ball. I think we may see a large dose of the run/pass option. That would put Chubb in the position of a blocker for watson in some of those cases.
Given the right circumstances Chubb could certainly have a banner year. (I know people hate to see the word Banner on here)

But in order for that to happen will be dependent on the play calling and watson to some degree. If Chubb does have a banner year it will solidify his value to the Browns moving forward. If the O succeeds without Cubb having a banner year that value becomes somewhat more suspect.
I also think one must consider that opposing teams will most likely have a spy player in the middle to protect against watson running the ball. That spy will also be there when Chubb runs the ball. But that in and of itself shouldn't impact a RB like Chubb much.