Agent’s Take: Fifth-Year Options for 2023 Picks—Key Dates & Anthony Richardson
fifth-year options – With the fifth-year option window ending May 1, Misryoum breaks down who’s likely getting paid and why the Anthony Richardson decision is different.
NFL teams are nearing a critical offseason deadline: the window to exercise fifth-year options for many 2023 first-round picks closes with regular-season focus already shifting to the next camp and contract cycle.
That timing matters because the options aren’t just routine paperwork. They can lock in guaranteed money, reshape a player’s leverage for extensions, and reveal how aggressively a front office is willing to bet on a young core.
Why fifth-year options feel tougher than they used to
For years, fans mostly treated the fifth-year option as a predictable step—either the team trusts the player, or it moves on. But the 2020 collective bargaining agreement made the choice more complicated by tying the financial outcome more tightly to performance.
When a fifth-year option is exercised. the fifth-year salary becomes fully guaranteed. and the fourth-year base salary becomes fully guaranteed at the same time if it wasn’t already.. The practical effect: teams aren’t only deciding whether a player might be good—they’re committing real money based on a set of performance thresholds.
Earlier versions of the rules also leaned heavily on draft position.. Under that older framework. top-10 picks had an option value tied to positional averages anchored around higher “transition tender” levels. while picks 11-32 had a different positional average formula.. Now. Misryoum readers should think of fifth-year options less as a status symbol for draft slot and more as a performance-based audit of what a player became.
The current salary structure can hinge on things like Pro Bowl selections in the first three seasons and snap participation benchmarks.. If a player hits certain criteria—like being on offense or defense for 75% of plays in two of his first three seasons—the option can land at a different tier of the league’s positional salary ladder.
The deadline now: Jan. 5 to May 1
The timeline is straightforward, but unforgiving. For the 2023 first-round class, the option window began Jan. 5, shortly after the 2025 regular season ended. The options must be exercised no later than May 1.
This year. the “conversation” surrounding the options has been pushed into a narrower space because most teams don’t finalize decisions until after the NFL Draft. which in 2026 takes place April 23 through April 25.. That means front offices have less time to measure roster construction. evaluate coaching decisions. and adjust how they view a player relative to the rest of the league.
There’s also a reminder that not all players from the class are automatically part of the exercise pool. The Miami Dolphins, for example, forfeited the 21st overall pick due to integrity of the game violations—so that slot doesn’t participate in this particular decision set.
And while contracts can’t be renegotiated until after a player’s third regular season ends, most 2023 first-rounders remain eligible to sign new deals. That keeps the fifth-year option from being the only chess move—it’s simply the most immediate one.
Who looks locked in—and why Richardson is the outlier
The clearest signal from many decisions is that teams don’t want to lose control of upside when performance has already translated on the field.
For instance, the Panthers are expected to exercise Bryce Young’s fifth-year option at $25.904 million.. Misryoum sees a logical internal storyline there: Young regained his starting role from Andy Dalton after an early-2024 benching. and then delivered a standout 2025 season with career highs across passing yards. touchdown passes. and passer rating.
The Texans appear similarly comfortable with C.J.. Stroud at $25.904 million, even though his recent production has been discussed more critically.. The same “option first, extension later” posture shows up with players like Will Anderson Jr.. ($21.512 million), after an All-Pro level 2025 that included a career-high sack total and elite pass-rush pressure metrics.
But no set of fifth-year discussions is complete without an outlier that forces fans to separate “automatic” from “inevitable.” That outlier is Anthony Richardson. tied to Indianapolis.. Richardson’s fifth-year option is listed at $22.483 million. yet the key point is that he won’t get that additional contract year—his camp was given permission to seek a trade earlier in the offseason.
Why does that matter?. Because it’s a reminder that fifth-year options can be overridden by roster strategy and quarterback economics. especially when a team’s quarterback situation changes quickly.. Misryoum’s read: Richardson’s fate was shaped by Daniel Jones’ unexpected resurgence last season and the quarterback competition outcome that left Indianapolis looking elsewhere.
Richardson’s case also illustrates a broader truth about how NFL teams manage risk. Even when an option exists, the decision is still ultimately about what the team believes its offense needs now—not what the rulebook offers in a vacuum.
The hidden leverage: option money versus extension pressure
For players and teams, the fifth-year option is rarely just a “keep him” button. It’s leverage.
If a player earns Pro Bowl recognition or hits snap participation thresholds that raise the option value. his financial floor rises automatically when the team exercises.. From the player’s perspective. that can influence extension negotiations because it creates a baseline for how the team now values him.
For teams, exercising an option can be a controlled commitment. But it can also raise the cost of waiting: if a player’s market value jumps after another high-level season, the team may need to decide whether to pay early or to allow the option year to turn into a more expensive extension later.
That tension shows up in multiple storylines described in the class breakdown.. When teams expect upgrades or have already signaled extension priorities. exercising becomes the bridge between “prove it” and “pay it.” When injuries or inconsistencies cloud the projection. teams may either delay or avoid the guarantee.
Misryoum also expects fans will interpret these choices as leadership fingerprints. Front offices that move quickly are often signaling a belief that their drafted core is ready to become a financial foundation, not a temporary experiment.
What fans should watch next: extensions, injuries, and market timing
The fifth-year option deadline doesn’t end the offseason story—it kickstarts it.
If an option is exercised. the next question becomes whether a team extends the player before the option year is completed.. And because renegotiation restrictions depend on a player’s third regular season. the timing can create a window where extensions become possible just as teams evaluate new coordinators. roster needs. and salary-cap room.
Injury patterns add another layer. Even without inventing any outcomes beyond what’s already known, the logic is simple: a player’s health can dramatically alter how safe the guarantee feels. If performance has been disrupted, teams can decide the fifth year is the safer “wait and see” option.
For Richardson specifically, Misryoum’s takeaway is that fifth-year options don’t exist in isolation.. They’re part of a wider market and a wider quarterback plan.. When a team’s starter situation changes. the option becomes less about salary protection and more about whether the player still fits the offensive timeline.
As May 1 approaches, this season’s fifth-year decisions will likely reveal the same two things again and again: who teams believe has a future worth fully guaranteeing, and which players are being treated as part of a transition. For fans, that’s the real drama under the contract numbers.