Washington Wizards President Ernie Grunfeld announced today that the team has exercised the fourth-year contract option on Bradley Beal and the third-year contract option on Otto Porter.

“Bradley and Otto are both big pieces of the core group of players that we will build around as we continue to improve our team,” said Grunfeld. “We look forward to them playing significant roles in our success both now and in the future.”

Beal finished second on the team in scoring at 17.5 points per game last season while shooting .419 from the floor and .402 from three-point range to go along with 3.7 rebounds and 3.3 assists. He increased those numbers during the 2014 NBA Playoffs to a team-leading 19.2 points, 5.0 rebounds and 4.5 assists per game while shooting .424 from the floor and .415 from three-point range. Beal, who was selected third overall by Washington in the 2012 NBA Draft, set a franchise rookie record with 91 three-pointers made and was named NBA All-Rookie First Team in 2012-13.

Porter was selected third overall by Washington in the 2013 NBA Draft. The Georgetown product averaged 2.1 points and 1.5 rebounds in 37 games last season. Porter was named to the 2014 All-NBA Summer League First Team after averaging 19.0 points, 5.8 rebounds and 1.8 assists per game while shooting .469 from the field. In four preseason games, he has averaged 10.8 points and 4.3 rebounds while shooting .448 from the floor and .429 from three-point range.