Tuesday marked the deadline for teams to pick up the fifth-year contract options on the first-round picks from the draft class of 2020. All first-round picks get initial contracts for four seasons with a club option for a fifth year.
That fifth year is not a cheap one. Values are based on the average salary at a particular position, with additions to the base average according to playing time and Pro Bowl honors. Exercising the option guarantees the full salary for the player. They become unrestricted free agents after the conclusion of the fifth season, barring any extensions.
Picking up the option doesn’t mean the two sides can’t agree to a contract extension. Players can also be traded or cut, but the salary is guaranteed.