I've got some players that have options for next season on one of my teams. 

Two of them are mutual options, the other a team option. 

I'm planning on buying all three out.  My question is, the player with the team option, will probably be at least a Type B FA.  Would he still be considered a type B if I decline the team option, or will it be like I simply released him, meaning, no FA compensation?

If I can't get compensation for him, I'll probably pick up his option as his contract isn't too bad.  I'd really like the draft pick(s) if I can get them however, because I believe I have suitable replacements ready to take over.  

Thanks!

If you decline an option, you don't get the pick.  If you find your mutual option players walk before you have the choice to accept/decline their option, you will get compensation.