5th year option deadline for Olave/Penning is May 1st

Olave is a concussion medical decision. You either trade him or pick up the option. No way you decline the option & have him play on the team this season, if he has a healthy season he would be in line for a salary doubling $15-16M for the next 4 years.
You might extend Penning at a lower number but in no way you pick up that option.