Pick it up!

It's fifth-year-option exercising season, and with the May 3 deadline looming, teams are already extending their 2014 first-round picks for at least one more year.

While all rookies are required to sign four-year deals out of the draft, teams have the option to pick up a fifth-year option on first-round picks. In that case, the fifth year's salary is guaranteed for injury when employed. For the 2014 draft class, that fifth season will be 2018, or the one after next.

The fifth-year salary varies depending on how high the player was drafted. The top 10 selections receive a salary equal to the average of the 10 highest salaries at their position. For the remainder of the first round, the wage is the average of the third through 25th highest salaries at the position.