ckeditor 4.7.1 not saving youtube embed code - youtube

Question

I am trying unsuccessfully to insert embed code into my 4.7.1 ckeditor. I click on SOURCE...paste the embed code...click source again...the video shows and I can even play the video. When I go to save the "post" with text and video the only thing that remains is the text. The iframe is replaced with <p> </p>. Here is my config.js file:
CKEDITOR.editorConfig = function( config ) {
// Define changes to default configuration here.
// For complete reference see:
// http://docs.ckeditor.com/#!/api/CKEDITOR.config
// The toolbar groups arrangement, optimized for two toolbar rows.
config.toolbarGroups = [
{ name: 'clipboard', groups: [ 'clipboard', 'undo' ] },
{ name: 'editing', groups: [ 'find', 'selection', 'spellchecker' ] },
{ name: 'links' },
{ name: 'insert' },
{ name: 'forms' },
{ name: 'tools' },
{ name: 'document', groups: [ 'mode', 'document', 'doctools' ] },
{ name: 'others' },
'/',
{ name: 'basicstyles', groups: [ 'basicstyles', 'cleanup' ] },
{ name: 'paragraph', groups: [ 'list', 'indent', 'blocks', 'align', 'bidi' ] },
{ name: 'styles' },
{ name: 'colors' },
{ name: 'about' }
];
// Remove some buttons provided by the standard plugins, which are
// not needed in the Standard(s) toolbar.
config.removeButtons = 'Underline,Subscript,Superscript';
// Set the most common block elements.
config.format_tags = 'p;h1;h2;h3;pre';
// Simplify the dialog windows.
config.removeDialogTabs = 'image:advanced;link:advanced';
config.extraAllowedContent = 'p(*)[*]{*};div(*)[*]{*};li(*)[*]{*};ul(*)[*]{*};iframe(*)[*]{*}';
config.allowedContent = true;
};