At the end of the 2006 season, the Cubs exercised their option on Wood's contract and bought out the remaining $13M.

During the off-season the Bulls exercised the fourth-year option on Hinrich's contract, making him signed through the 2006-07 season.

He exercised the $8 million option on second baseman Roberto Alomar's contract.

By 7:30 last night, the club had exercised its two-year option on Van Gundy's contract, which had not been guaranteed.

The Cavaliers did not exercise their option on his contract for the 2005-06 season and subsequently Wagner was out of the league.

Next week, the Nets almost certainly will not exercise the option on Beard's contract, which expires at season's end.

The Islanders chose not to exercise a team option of $2 million on goaltender Garth Snow's contract.

On April 14, 2010, the Kings exercised the team option on Landry's contract for 2010-11.

Scott Sanderson became a free agent yesterday after the Yankees decided not to exercise their option on the veteran right-hander's contract.

At the end of last season, Steinbrenner exercised a two-year option on Winfield's contract, although he has repeatedly attempted to trade the player.