NFL 2021 Draft Pick Fifth-Year Options: Exercise or Decline?
Let's look at the 2021 first-round picks and see whose fifth-year options will or won't be picked up.
As the 2024 NFL free agency period cools down, teams are now left with other decisions to make -- most are regarding the draft, but a few are regarding players already under contract.
For those under contract, one item on the agenda is to determine whether or not to pick up the fifth-year option for first-round picks in the 2021 NFL Draft class.
Under the current NFL collective bargaining agreement, first-round draft picks receive four-year contracts with the entire amount fully guaranteed. They also have a fifth-year option that, if exercised, gives them a considerable raise in the fifth year and more fully guaranteed money.
It used to be that the fifth-year option was based on the pick used on the player and the position he plays. Now it's based more on factors such as percentage of snaps and Pro Bowl selections. You can learn more about the criteria for fifth-year options at Over the Cap.
Some people will remember the quarterbacks in this draft class — a contingent of five who represented a class that had a lot of hype. Three of the five QBs have since been traded and a fourth QB remains on the trading block.
That may cause some to believe that the 2021 first-round draft class as a whole was a disappointment. However, while the QB draft class was overhyped, that doesn't make the whole draft class bad. A way to determine the strength of the overall first-round draft class is to look at how many players should have their fifth-year options exercised.
Let's go over the 32 first-round draft picks from 2021 and determine whose options should be picked up and whose should be declined.
1. Trevor Lawrence, QB, Jaguars
Fifth-year option: Exercise
Though Lawrence hasn't quite transformed the Jaguars into a playoff juggernaut, he's played well enough to justify exercising the option. It will be about $25.7M, which is a reasonable amount for a quality quarterback.
The question the Jaguars must figure out next is how much they are willing to pay in an extension. Lawrence, Tua Tagovailoa and Dak Prescott are among the QBs who could be in line for a significant contract, though Tagovailoa and Prescott are in the final years of their deals.
Still, if Tagovailoa and Prescott agree to new contracts during the offseason, what they receive is certain to impact negotiations between Lawrence and the Jaguars.
2. Zach Wilson, QB, Jets
Fifth-year option: Decline
Not only are the Jets certain to decline Wilson's fifth-year option of $22.4M, he likely won't be with the Jets much longer. They have given Wilson permission to seek a trade but there have been no takers thus far.
If Wilson isn't traded, it wouldn't surprise if the Jets waive him. He's due $5.4M this season, but the Jets will likely view that as sunk costs.
3. Trey Lance, QB, Cowboys
Fifth-year option: Decline
Lance was originally drafted by the Niners, who gave up significant draft capital to move up to No. 3 overall. But Brock Purdy came along and claimed the starting job, leading to the Niners trading Lance to the Cowboys.
Though the Cowboys have a decision to make about Prescott, they should still decline Lance's option because it's $22.4M and he has not proven himself as a starter. If the Cowboys truly see Lance as a Plan B in case they can't extend Prescott, they can do a one-year extension that pays Lance backup money in 2025.
4. Kyle Pitts, TE, Falcons
Fifth-year option: Exercise
Pitts earned a Pro Bowl nod as a rookie but his production has been uneven throughout his career. Still, exercising his option for $10.9M isn't a bad idea.
The option is comparable to the fully guaranteed money that Noah Fant received from the Seahawks ($11.5M). The Falcons can then see if Pitts can get back on track during the next two seasons. If he plays well, they can discuss an extension during or after the 2025 season.
5. Ja'Marr Chase, WR, Bengals
Fifth-year option: Exercise
Picking up the option for $21.8M is a no-brainer. Chase has thrived with the Bengals, regardless of whether it's Joe Burrow or Jake Browning under center.
The question will be how soon the Bengals get an extension done. They have tagged Tee Higgins, though he has been given permission to seek a trade. Along with Higgins, the Vikings have an extension to get done with Justin Jefferson. Both players' negotiations are to certain impact what Chase seeks.
6. Jaylen Waddle, WR, Dolphins
Fifth-year option: Exercise
Waddle will be another easy decision when it comes to the option, but his will be for $15.6M because he has not been named to the Pro Bowl. Still, the option would put him in the second tier of wide receiver contracts.
Waddle probably won't get a contract that is similar to Jefferson or Chase, but he could be in line to reach one that pays him $20M APY. The Dolphins may hold off on an extension, though, until they figure out other contract decisions (namely Tagovailoa).
7. Penei Sewell, OT, Lions
Fifth-year option: Exercise
The Lions may have surprised people when they drafted Sewell, but he made the transition to right tackle and earned a Pro Bowl bid. Picking up the $19M option is an easy decision.
Sewell could still be switched to the left side at some point, though. Taylor Decker's contract expires after the 2025 season.
8. Jaycee Horn, CB, Panthers
Fifth-year option: Decline
Horn has started just 22 of 50 games in the past three seasons. It's too risky to pick up his fifth-year option because, even at $12.5M, it's fully guaranteed money.
If Horn stays healthy and plays well in 2024, the Panthers could consider bringing him back, though a short-term, low-cost deal with incentives would be preferable. The franchise tag is an option but may not be the best one.
9. Patrick Surtain II, CB, Broncos
Fifth-year option: Exercise
Surtain has become the best cornerback of the 2021 draft class and one of the top corners in the NFL. It will be no surprise to see his fifth-year option of $19.8M exercised, unless the Broncos come to terms on an extension first.
It's possible the Broncos hold off on an extension, though, given their cash commitments that remain to Russell Wilson following his release. But the Broncos will be in a better cap and cash position in 2025, at which time one would expect extension talks to pick up steam.
10. DeVonta Smith, WR, Eagles
Fifth-year option: Exercise
It should not be difficult for the Eagles to decide to pick up Smith's fifth-year option of $15.6M. As with Waddle, it puts him in the second tier of WR salaries and is more than reasonable.
As with Waddle, the question will be how much the Eagles pay Smith in an extension. He won't likely re-set the market, but the Eagles will have contract decisions about other players that could impact a deal for Smith.
11. Justin Fields, QB, Steelers
Fifth-year option: Decline
The Bears traded up to select Fields at No. 11 overall, but after three seasons, they dealt him to the Steelers. Given that the Steelers are minimizing risks with their QB moves, it's a given they will decline his $25.7M fifth-year option.
If Fields does claim the starting job and plays well, the Steelers can always use the franchise tag. Though it would be more expensive than the fifth-year option, better to risk that than commit to a significant sum and then get a disappointing season from Fields.
12. Micah Parsons, EDGE, Cowboys
Fifth-year option: Exercise
Parsons has been classified as a defensive end by the NFL, which impacted his fifth-year option. It will be for $21.3M but, regardless of the amount due, it's an easy decision to exercise the option.
The Cowboys will have a lot of contracts to discuss in the coming months. Along with Parsons, there's Prescott and wide receiver CeeDee Lamb, who will be under the fifth-year option for 2024. This explains why the Cowboys have quiet in free agency — they need to take care of their own first.
13. Rashawn Slater, OT Chargers
Fifth-year option: Exercise
Slater made the Pro Bowl as a rookie but missed 14 games in 2022 because of injuries. But he returned in 2023 and played well, so the Chargers should exercise his fifth-year option of $19M.
Because the Chargers are dealing with cap issues this year, they will probably wait until after the 2024 season to get an extension done with Slater.
14. Alijah Vera-Tucker, OL, Jets
Fifth-year option: Decline
Vera-Tucker has played multiple positions in his NFL career, but he's missed 26 games in the past two seasons. It's too risky to exercise his fifth-year option for $15.3M.
If Vera-Tucker can stay healthy this season, the Jets could bring him back on a short-term, low-cost deal with incentives for 2025.
15. Mac Jones, QB, Jaguars
Fifth-year option: Decline
Jones showed promise as a rookie in his first season with the Patriots but never progressed, often sitting on the bench while 2022 fourth-round pick Bailey Zappe took on QB duties.
The Jaguars acquired Jones in a trade to back up Lawrence, but it's obvious they will decline Jones' fifth-year option for $25.7M.
16. Zaven Collins, EDGE, Cardinals
Fifth-year option: Exercise
Collins played off-ball linebacker in his first two seasons in the NFL and was merely OK. The Cardinals got him more involved in the pass rush and he looked better, generating 12 pressures, six QB hits and 3.5 sacks.
Still, the Cardinals could go either way on this decision. I went with exercising the option because, at $13.3M, it's a reasonable amount to pay for a solid pass rusher. But I could see the Cardinals declining the option if they aren't convinced he's a potential long-term player.
17. Alex Leatherwood, OT, free agent
Fifth-year option: Not applicable
Originally drafted No. 17 overall by the Raiders, Leatherwood was waived in 2022, then claimed by the Bears. They waived him after the 2023 season and nobody claimed him.
Leatherwood signed with the Browns practice squad for 2023 and remains a free agent. Because his rookie contract is no longer in effect, the fifth-year option doesn't apply here.
18. Jaelan Phillips, EDGE, Dolphins
Fifth-year option: Exercise
Though Phillips missed nine games in 2023, his play in his first two seasons would warrant exercising his option for $13.3M. Even though he played in just eight games, he generated 17 pressures and 6.5 sacks.
If the Dolphins have questions about his recovery from his Achilles injury, they may opt to decline the option. Expect the Dolphins to take their time here — this decision may come down to one made right at the deadline of May 2.
19. Jamin Davis, LB, Commanders
Fifth-year option: Exercise
This is another decision that could go either way. Davis has been reasonably productive in his first three seasons, so there is a case to exercise his option of $14.5M.
However, the Commanders might not be interested in putting Davis among the top-paid linebackers in the NFL. If they aren't, I could see them declining the option but leave open the possibility of bringing him back after the 2024 season.
20. Kadarius Toney, WR, Chiefs
Fifth-year option: Decline
Originally drafted by the Giants, Toney was traded to the Chiefs in 2022. He did score the game-winning touchdown in Super Bowl LVII, but he's been a disappointment for most of his time with the Chiefs.
Not only with the Chiefs decline his option for $14.3M, there's a chance he's not on the Chiefs' roster this season. He's due $2.5M this season. The Chiefs may keep him through training camp and the preseason but could either deal him in a late-round draft pick swap or, failing that, they could just waive him if he doesn't play well in the preseason.
21. Kwity Paye, EDGE, Colts
Fifth-year option: Exercise
Though Paye missed five games in 2022, he has been reasonably productive in his time in the NFL. He had 8.5 sacks in 2023, a season best for him.
The fifth-year option of $13.4M is a reasonable amount for a player of his talents. The Colts don't have to rush into an extension with him and can evaluate his play in 2024 to figure out what he's really worth in an extension.
22. Caleb Farley, CB, Titans
Fifth-year option: Decline
Farley started just two games in his first two seasons and has missed a lot of time with injuries. He didn't play a single snap after he underwent back surgery and was placed on the physically unable to perform list, where he remained for 2023.
The Titans will certainly decline his fifth-year option for $12.5M but will likely give him a chance to prove himself this season. If he stays healthy and plays well, they could bring him back on a short-term, low-cost deal with incentives.
23. Christian Darrisaw, OT, Vikings
Fifth-year option: Exercise
Darrisaw has been a good player, though he has missed nine games in three seasons. Still, it should be fine for the Vikings to pick up his fifth-year option for $16M.
The salary guarantees him less money than Jordan Mailata received from the Eagles. It also gives the Vikings more time to evaluate him and determine what Darrisaw is worth in an extension.
24. Najee Harris, RB, Steelers
Fifth-year option: Exercise
There is debate as to whether it's worth taking a running back at any point of the first round. If a team takes one, then the debate eventually arrives about whether it's worth picking up the fifth-year option at any amount.
Harris has been a solid performer though not a game change. But at $6.8M, it does make sense to pick up the fifth-year option. It's less than what Aaron Jones got on his one-year deal with the Vikings and allows the Steelers to reward Harris without having to commit to him beyond 2025.
25. Travis Etienee, RB, Jaguars
Fifth-year option: Exercise
Because Etienne missed the 2021 season with injuries, his fifth-year option will be for slightly less money than Harris. And at $6.1M, picking up the option isn't a bad idea.
As with Harris, exercising the option allows the Jaguars to reward Etienne for his play (which has been good) without promising anything beyond 2025.
26. Greg Newsome II, CB, Browns
Fifth-year option: Exercise
Newsome has played at a level worthy of a No. 2 cornerback. He's coming off his best season to date, in which he was utilized a fair amount in the pass rush on blitzes, along with coverage.
Because his fifth-year option is $13.4M, which puts him into the second tier for cornerback contracts, it's reasonable to exercise the option.
27. Rashod Bateman, WR, Ravens
Fifth-year option: Decline
Bateman hasn't lived up to expectations, meaning that the Ravens are certain to decline his fifth-year option of $14.4M. He's likely to be gone after the 2024 season and will have to settle for a one-year deal elsewhere.
28. Payton Turner, EDGE, Saints
Fifth-year option: Decline
Turner is one of the biggest busts of 2021, having played just 15 games with no starts in three seasons. It goes without saying that the Saints will decline his $13.4M fifth-year option.
29. Eric Stokes, CB, Packers
Fifth-year option: Decline
Though Stokes had a quality rookie season, he's played in just 12 games in the last two seasons. His health issues make it too risky for the Packers to pick up the option for $12.5M.
30. Gregory Rousseau, EDGE, Bills
Fifth-year option: Exercise
Rousseau has generated at least 18 pressures in each of his three seasons and has 17 career sacks. Classified as a defensive end, his fifth-year option for $13.4M is reasonable for a player of his talents.
31. Odafe Oweh, EDGE, Ravens
Fifth-year option: Exercise
Oweh is listed as a linebacker, which makes his fifth-year option worth less ($13.3M) than if he were listed as a defensive lineman. Regardless, his play warrants having the option exercised.
32. Joe Tryon-Shoyinka, Buccaneers
Fifth-year option: Exercise
The final pick of the 2021 NFL Draft has been reasonably productive, to the point that it makes sense to pick up his fifth-year option for $13.3M. It will also give the Bucs more time to evaluate his play.
And with 20 of the 32 drafted players in line with a case to have their fifth-year option picked up, one could say it's a solid overall first-round class, even if four of the five QBs didn't live up to expectations. But as far as who does get options picked up and/or extensions signed, we'll know more as the 2024 offseason continues.