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The only way I could see this working is in the rare instances where both the team and player have options in the same year. For example, in the attached screenshot, you will see CF Cody Bellinger has a player opt out after this season in which he can opt in for one more year at $12 million. But then, the team does also have an option for $12 million as well. If Cody Bellinger opts in to the contract, the team can still opt out making his release free.
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