Washington Wizards President Ernie Grunfeld announced today that the team has exercised the third-year option on both center/forward Oleksiy Pecherov and guard Nick Young.  Per team policy, terms of the contract were not released.

“Nick and ‘Pech’ both showed a great deal of potential as rookies and we’re counting on them to continue to progress and contribute,” said Grunfeld.  “We like the fact that we have a group of promising young players behind our established veterans, and we’re excited to retain Nick and ‘Pech’ for their third seasons.”

Under the terms of the NBA’s collective bargaining agreement, the first two years of a first round draft pick’s contract are guaranteed while the third and fourth year of the contract are the team’s option.  Pecherov was selected with the 18th overall pick in the 2006 NBA Draft, while Young was selected with the 16th overall pick in the 2007 NBA Draft.

Pecherov averaged 3.6 points and 1.9 rebounds in 35 games as a rookie with the Wizards last season.  He was selected by the Wizards in the 2006 Draft (the franchise’s first-ever international first round pick), but played the 2006-07 season overseas before joining the team for the 2007-08 season.

Young averaged 7.5 points and 1.5 rebounds in 75 games as rookie with the Wizards last season.  His best game came on March 30 at the L.A. Lakers when he scored 27 points in 31 minutes.