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

St. Widge said

As far as Olave, if you can get a good offer for him trade him, but I doubt anyone is going to offer more than a 5th at this point. If DK Metcalf is only worth a 2nd and Deebo is only worth a 5th then Olave can't be worth more than a 5th right now given his injury history.

If that's the case, you have to pick up the 5th year option and see how his health is this year. One year of Olave is worth more than a 5th round pick and if he stays healthy then you can decide if you want to extend him or trade him.

If he get hurt again, all you have lost is a 5th round or later pick and having him on the team this year with the possibility that he improves his trade value is more valuable than a 5th round pick IMO.

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This is a good argument against trading Olave. DK and Deebo aren't good trade comps. DK was due a huge pay day so that decreased his value some, but for a player who is on his way to 10K+ yards and probably 80+ TDs, that was a good deal. Deebo is injury riddled, high paid and older so a 5th is about right. Olave is young and still on his rookie contract, there's value in that. His concussion issues are a huge problem.

If he's worth a 5th on the the trade market, you keep him like you stated above. That makes sense.

If he's worth a 3rd or higher on the trade market, trade him. There are players in the draft who can replace his production (now that we have Shaheed and Cooks) who can be drafted in the 3rd.

I don't envy the FO on having to deal with the Olave situation.