Saints general manager Mickey Loomis announced on Wednesday that the team will exercise Olave's fifth-year option on his rookie contract, via NFL Network's Ian Rapoport. The team will also decline offensive tackle Trevor Penning's fifth-year contract.

The Saints had two first-round picks in 2022 and they've made different decisions about the fifth-year options on their contracts.

The New Orleans Saints made a major contract decision on Wednesday afternoon, as general manager Mickey Loomis announced that they'll be picking up the fifth-year option on wide receiver Chris Olave.