I just took on a new team that is stacked with great ML talent. However, I noticed that about 7 of my star players are up for mutual options this year. Their options are for modest salaries (6-8 million dollar range) and I haven't dealt with mutual options much at all - just don't remember ever really having somebody opt out. So, I was wondering how likely they are they are to opt out? Are they as likely to go to FA as players that are listed on my team's FA report? (good FA players very unlikely to resign if they are so good) Or are they a little more content since they technically have a contract (whereas FA report players aren't as happy since the previous owner never gave a new contract)?? I have to figure out what I will be working with for budgets...

Players decline options at rollover.   The ball is in your court now.

The schedule has been generated and we set budgets starting tomorrow, but the option report lists them all as "pending" and I have no option to buy out yet. So, they will make decisions tomorrow when budgets are set? Or am I in the clear already since the world has rolled and they aren't on my FA Report?

No, it's been made.   Check News, League Transactions.   The set All Franchises, MLB, DeclineOpt.   You'll see a long list of players who declined their options.   As I said, they're around if you want them.    It's your call now.

Great Thanks

Remember that if you want to decline those options you pay 25% of the contract.

From my experience, it seems that players take their option year about 2/3 of the time and it's completely unrelated to how good they are or how favorable their contract are. That's just off the top of my head though and I'd be curious if anybody else has different experiences.

And remember that if you want to decline an option, you have to do it the day of free agent re-signings i.e. the day before arbitration hearings. If you forget, they will all be automatically exercised.

What's the story with this guy?
Wilkin Bocachica

He was released in his 2nd arb year, and became a FA. He was then signed to a two year deal with a Mutual Option, which he has declined. So he is still in his 5th pro year, which would be his 3rd Arb year. 

Because he is technically still arb eligible does the team that signed him last season still get to either arb him or release him now that he's declined his mutual option?

Yes, that's correct.