Saints GM Mickey Loomis said they are exercising WR Chris Olave‘s fifth-year option on Wednesday but will not pick up OT Trevor Penning‘s option, per Nick Underhill.
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This will make Penning an unrestricted free agent in 2026.
Olave, 24, was first-team All-Big Ten in 2020 and 2021 and a second-team AP All-American in 2021 as a senior. The Saints traded up and used the No. 11 overall pick on him in the 2022 draft.
Olave is entering the final year of his four-year, $19,271,875 contract that includes a $11,195,909. He’ll make $15.49 million under the fifth-year option for 2026.
In 2024, Olave appeared in eight games for the Saints and caught 32 passes for 400 yards receiving and one touchdown.
Penning, 25, was the No. 19 overall pick on him in the 2022 draft out of Northern Iowa. He was a three-year starter at Northern Iowa and earned first-team All-American and first-team All-MVFC honors in 2021, and was an honorable mention for All-MVFC in 2020.
He’s entering the final year of a four-year, $14,143,317 rookie contract that includes a $7,466,049 signing bonus. Penning is now set to be an unrestricted free agent following the 2025 season.
In 2024, Penning appeared in all 17 games at right tackle.
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