If there's anything NFL teams love, it's options.
The deadline for teams to exercise or decline the fifth-year option for the 2020 NFL Draft class is Tuesday, May 2. Already, some teams have made some easy decisions; Joe Burrow and Justin Herbert had their options picked up well before the deadline, but all eyes will be set on another quarterback this cycle.
With the Packers moving on from Aaron Rodgers this offseason, it's all-systems-go for Jordan Love in the captain's chair in Green Bay. On May 2, fifth-year option deadline day, the Packers signed Love to one-year contract extension, keeping him in Green Bay through 2024.
That said, Love's new deal is something of a compromise. He can earn more money on the extension, but it's less guaranteed money for the Packers. Love's new deal solves one of the last remaining mysteries of this year's fifth-year option tracker.
MORE: Grading all 32 NFL Draft classes, from best (Steelers) to worst (Jets)
Here's how the others shake out:
NFL fifth-year option tracker 2023
Of the quarterbacks taken in the 2020 NFL Draft, three of them have had their options picked up: Joe Burrow (Bengals), Tua Tagovailoa (Dolphins) and Justin Herbert (Chargers) are all locked in for 2024, while Jordan Love signed an extension to keep him in Green Bay.
Here's how the options have been exercised:
| Pick in 2020 | Player | Position | Team | Exercised? | Value |
|---|---|---|---|---|---|
| 1 | Joe Burrow | QB | Cincinnati Bengals | Yes | $29.5 million |
| 2 | Chase Young | DE | Washington Redskins | No | — |
| 31 | Jeff Okudah | CB | Atlanta Falcons (Detroit Lions) | — | — |
| 4 | Andrew Thomas | T | New York Giants | Yes | $14.175 million |
| 5 | Tua Tagovailoa | QB | Miami Dolphins | Yes | $23.17 million |
| 6 | Justin Herbert | QB | Los Angeles Chargers | Yes | $29.5 million |
| 7 | Derrick Brown | DT | Carolina Panthers | Yes | $11.665 million |
| 8 | Isaiah Simmons | LB | Arizona Cardinals | No | — |
| 9 | C.J. Henderson | CB | Carolina Panthers (Jacksonville Jaguars) | No | — |
| 10 | Jedrick Wills | T | Cleveland Browns | Yes | $14.175 million |
| 11 | Mekhi Becton | T | New York Jets | No | — |
| 122 | Henry Ruggs III | WR | Las Vegas Raiders | — | — |
| 13 | Tristan Wirfs | T | Tampa Bay Buccaneers | Yes | $18.24 million |
| 14 | Javon Kinlaw | DT | San Francisco 49ers | No | — |
| 15 | Jerry Jeudy | WR | Denver Broncos | Yes | $12.987 million |
| 16 | A.J. Terrell | CB | Atlanta Falcons | Yes | $12.344 million |
| 17 | CeeDee Lamb | WR | Dallas Cowboys | Yes | $17.9 million |
| 18 | Austin Jackson | T | Miami Dolphins | No | — |
| 193 | Damon Arnette | CB | Las Vegas Raiders | — | — |
| 20 | K'Lavon Chaisson | OLB | Jacksonville Jaguars | No | — |
| 21 | Jalen Reagor | WR | Minnesota Vikings (Philadelphia Eagles) | No | — |
| 22 | Justin Jefferson | WR | Minnesota Vikings | Yes | $19.7 million |
| 23 | Kenneth Murray | LB | Los Angeles Chargers from Patriots | No | — |
| 24 | Cesar Ruiz | C/G | New Orleans Saints | No | — |
| 25 | Brandon Aiyuk | WR | San Francisco 49ers | Yes | $14.1 million |
| 264 | Jordan Love | QB | Green Bay Packers | No | — |
| 27 | Jordyn Brooks | LB | Seattle Seahawks | No | — |
| 28 | Patrick Queen | LB | Baltimore Ravens | No | — |
| 295 | Isaiah Wilson | T | Free agent (Tennessee Titans) | — | — |
| 30 | Noah Igbinoghene | CB | Miami Dolphins | No | — |
| 316 | Jeff Gladney | CB | Arizona Cardinals (Minnesota Vikings) | — | — |
| 32 | Clyde Edwards-Helaire | RB | Kansas City Chiefs | No | — |
1Jeff Okudah is ineligible for a fifth-year option, due to trade financials from the Lions to the Falcons
2Henry Ruggs III was released following his role in a fatal car crash in 2021.
3Arnette is currently a free agent.
4Love was signed to a one-year contract extension, negating the fifth-year option.
5Wilson is currently a free agent.
6Gladney was killed in a car crash in 2022.
What is the NFL fifth-year option?
Players who are selected in the first round of the NFL Draft sign four-year rookie contracts with a team option for a fifth year built into the pact. Teams must decide on to pick of a player's fifth-year option following the end of the player's third season but before May 3 of the following league year.
The option formula takes into account prior performance, cap situation, Pro Bowl appearances, position salaries and snap count. The fifth-year option is guaranteed and also guarantees the fourth-year option base salary.
Even if a fifth-year option is not exercised, players have the opportunity to negotiate long-term extensions with their team throughout the 2023 season before hitting free agency.