Here's my prediction. Chauncey's character either:
a) Is a love interest and 'the other man', who despite sharing intimate moments - honorably tells the female lead to go with the male lead because he wants her to be truly happy, even if it causes himself heartbreak.
b) Is the best friend of the male lead, and at one moment tells the male lead to go 'chase the girl'. Chauncey will be the wise friend who gives meaningful advice that steers the direction of the third act.
I'm hoping to see a more serious, emotional Chauncey. Perhaps a suit or adult attire.