The default action for team options is to exercise the team option. That means if you do nothing, the team option on a player's contract WILL be exercised. ONLY post in this thread if you want to DECLINE a team option for next season.
If you wish to decline the team option of a non-rookie contract, you need to do so before to the end of the regular season prior to the option year. For example, a player with an option year for the 2000 season (i.e., the season following the 2000 draft) needs to be declined prior to the end of the 1999 regular season (i.e., the season that followed the 1999 draft and runs from October 1999 through June 2000).
Team options appear in the index/html output from FBB as a "green" salary amount. If you look at the player page, the word "Team" will appear under the salary amount for that year. You are responsible for knowing which of your players has a team option if you wish to decline it.
Example post:
Hawks decline the team option for Eric Williams.
* Rookie contract options must be decided upon prior to the end of the pre-season, not the regular season, and have their own, separate thread.