When Jeter was negotiating his last contract, I brought up the point that Jeter really had no leverage. He cares deeply about his legacy, and wants badly to play for the Yankees for the rest of his career. The Yankees should have offered 3 years at $24 mil total and waited for Jeter to accept it. I felt that the time, they were overpaying for him at the contract I proposed, let alone the contract that actually gave him. That said, Jeter had a year last year I did not expect. So he's lived up the contract somewhat.
If Jeter doesn't accept the option, it's because he's retiring, or because he had a great year in 2013 and thinks he can get MORE from the Yankees, and only the Yankees.