I know I've seen this somewhere, but hoping somebody can tell me more quickly/easily than I can find it! :)

I have a player who is in the next-to-last season of a contract with a mutual option.

He's 39, will be 40 next season, and I want out of the contract. If I keep him this season and decline the option, I'll still be on the hook for over $4 million next season. Tried to see if there were any takers who would trade for him in a pure salary dump, but no dice.

So... what happens to the option next season if I release him now?

Is it auto-accepted, which means I'm on the hook for the full salary? I assume that it's not that easy to get out of both the full amount and the option buyout... but I would love for it to be that easy! :)

Releasing him is tantamount to declining the option.

Immediately upon release, your commitment to him for the next season is the buyout amount. I've used this to clear next season salary to re-sign another prospective free agent of mine.