Washington Wizards President Ernie Grunfeld announced today that the team has exercised their options on both guard Nick Young and center/forward JaVale McGee.  Per team policy, terms of the contracts were not released.

According to Mike Jones of the Washington Times, “Young, a third-year guard, will remain under contract a fourth year and will earn roughly $2.6 million. McGee, a second-year center/forward, had his contract extended a third season, and is due to earn about $1.6 million next season.”

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.  Young was selected with the 16th overall pick in the 2007 NBA Draft, while McGee was selected with the 18th overall pick in the 2008 NBA Draft.

Young averaged 9.3 points and 1.7 rebounds in 157 games during his first two seasons in Washington, while McGee averaged 6.5 points, 3.9 rebounds and 1.0 block per game as a rookie with the Wizards last season.