The Miami Dolphins have picked up the fifth-year option on quarterback Ryan Tannehill, according to multiple media report. Pro Football Talk was the first to make the report.
In the 2012 NFL Draft, three quarterbacks were taken in the top ten picks, Andrew Luck, Robert Griffin III, and Tannehill. The Indianapolis Colts picked up Luck's option earlier this offseason, while RGIII's option was picked up this week. Tannehill makes it three-for-three.
All three quarterbacks will be paid the transition tag value for the 2016 season, or a injury-guaranteed $16.155 million salary.
Under the collective bargaining agreement between the NFL and the NFL Players Association, first-round draft picks sign a four-year contract with their teams that include a team option for a fifth year. The option works in a manner similar to the franchise tag, paying the player a high salary for a single year - though it is not as high as the actual franchise tag.
For players selected in the first ten picks, the option will pay them the same as the transition tender for their position. Outside of the top ten, the players will be paid the average salary of the third through 25th highest salaries paid at their position. The money is guaranteed against injury (meaning a team could, theoretically, use the option on a player, then cut him without taking too much of a salary cap hit).
The Dolphins have been working on a long-term deal with Tannehill this offseason, and are expected to continue that process after the Draft this weekend. The fifth-year option just ensures the team has Tannehill locked up through the 2016 season.